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86.4% Retracement: Zoom Announces Quarterly Profit of $15.4 Million



These numbers would point to the explosive reduction in usage the platform has suffered amid restrictions imposed by the COVID-19 pandemic. At the end of trading hours, the company’s stock lost 8.07% of its value.

zoom Thanks to the COVID-19 pandemic, it has experienced a user boom as it has become one of the preferred platforms for all kinds of meetings via videoconferencing, online classes and telematics.

Now, three years later and the end of the WHO global emergency, the multinational has announced the following policies: First quarter 2023 results showed profit down 86.4% to US$15.4 million.

Revenue increased 2.9% year-on-year to $1.105 billion, with 215,900 corporate customers at the end of April (up 9%).

In terms of cost of revenue, these amounted to US$263.9 million, while sales, marketing, general administration and R&D items accounted for US$831.7 million. Operating expenses totaled US$1.096 billion, a 24% increase from his previous US$883.7 million.

These results sent Zoom’s share price down 7.31% mid-session, before closing at $65.65 per share (-8.07%).

“Our customers see Zoom as essential to their internal and external goals around the world,” said Eric Yuan, the company’s founder and CEO.

“This relationship with our customers is Exceeded expectations with growth in business services and stabilization of online revenue At the same time, we drive business efficiency to deliver higher profitability and free cash flow margins,” he added.

Towards the end of the current fiscal year, Zoom is confident of raising its annual profit to a range of $4,465 million to $4,485 million (€4,138 million to €4,156 million). , the full year diluted earnings per share would be in the range of $4. $25 (€3.94) and $4.31 (€3.99).

Source: Biobiochile

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