TECH - Zoom Lifts Annual Guidance As It Hopes AI Will Help It Regain Its Pandemic Glory | Benzinga
On Monday, Zoom Video Communications Inc (NASDAQ: ZM) lifted its guidance as it reported better-than-expected revenue due to strong enterprise sales. Zoom became a household name during the COVID-10 lockdown, standing next to Microsoft Corporation (NASDAQ: MSFT) and Cisco Systems Inc (NASDAQ: CSCO). With the integration of AI and hybrid work trends, Zoom showed it is managing to hold its ground in a highly competitive landscape.
Fiscal Third Quarter Highlights
For the quarter that ended on October 31st, revenue grew 3.2% to $1.14 billion, slightly above FactSet’s estimate of $1.12 billion. Zoom reported a net income of $141.2 million, improving from last year’s comparable quarter when Zoom earned $48.4 million. Adjusted earnings amounted to $1.29 per share, topping LSEG’s estimates of $1.09 per share. Free cash flow grew 66.2% to $453.2 million.
The AI companion was introduced during the third quarter. It allows ...