Zoom forecasts full-year revenue below estimates -Breaking
(Reuters) – Zoom Video Communications (NASDAQ:) Inc’s fiscal 2023 revenues were lower than Wall Street estimates Monday. This signaled a loss from stiff competition and lower sign-ups for its core Meetings platform and sent its shares down 12% during extended trading.
Zoom has struggled to gain customers due to competition from Microsoft (NASDAQ)’s Teams, Cisco (NASDAQ)’s Webex and Salesforce (NYSE)’s Slack. These tools already enjoy high penetration within the enterprise market.
Zoom is a small business that derives large amounts of its revenues from smaller companies.
According to IBES data from Refinitiv, the video-conferencing platform predicted annual revenues between $4.53 billion & $4.55 trillion. This compares with $4.71 billion estimates.
Zoom saw its fourth-quarter revenue rise 21% to $1.07 Billion, the slowest growth rate since going public in 2019.
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