MidLand, Jakarta – Zoom in Video Communications (ZM.O) raised its annual revenue and profit forecast on Monday, as hybrid work trends and the integration of artificial intelligence technology into its products increase demand.
Platforms including Zoom, Microsoft (MSFT.O) Teams and Cisco (CSCO.O) Webex rose to prominence during the COVID lockdowns and enjoyed strong demand as many companies shifted to hybrid work models.
Zoom expects adjusted annual earnings per share of $4.93 to $4.95, higher than the previous estimate of $4.63 to $4.67.
That raised its full-year revenue forecast to between $4.506 billion and $4.511 billion, from $4.485 billion to $4.495 billion previously.
“We are strengthening Zoom’s comprehensive, intelligent collaboration platform with powerful new features like Zoom AI Companion and continuing to build on our customer and employee engagement solutions,” said CEO Eric Yuan.
Zoom’s AI Companion, introduced in the third quarter, gives paid users access to features including meeting summaries and highlights, as well as commands made via email and chat.
Shares of the San Jose, California-based company rose nearly 2% to $67.08 in extended trading.
Announcement
According to LSEG data, current quarter revenues are expected to be between $1.125 billion and $1.130 billion, in line with expectations.
In the third quarter, Zoom’s revenue grew 3.2% to $1.14 billion, slightly above estimates of $1.12 billion.
The company earned $1.29 per action on an adjusted basis, beating expectations of $1.09.
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