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Zoom Video Stock Pops After Earnings

Zoom Video Communications (NASDAQ:ZM) is a California-based company that provides unified communications platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Shares of Zoom have climbed 7.9% month-over-month as of close on Monday, November 20, 2023. The stock is still down about 1% in the year-to-date period.

The stock owned its recent pop to a post-earnings bump. Zoom unveiled its third quarter (Q3) fiscal 2023 earnings on the same day, November 20. The company’s total revenues climbed 3.2% year-over-year to $1.13 billion. Meanwhile, Enterprise revenue increased 7.5% year-over-year to $660 million. There is excitement surrounding the advancement of Zoom’s new AI Companion. Moreover, the company has continued to evolve its customer and employee engagement solutions.

In Q3 2023, Zoom delivered GAAP net income attributable to common stockholders of $141 million or $0.45 per share – which was nearly tripled from $48.4 million or $0.16 per share it delivered in Q3 fiscal 2022. On the customer side, Zoom reported that it finished the quarter with approximately 219,700 Enterprise customers – up 5% compared to the prior year.

Looking ahead to the fourth quarter, the company is projecting total revenue between $1.12 billion and $1.13 billion. Non-GAAP income from operations is expected to be between $409 million and $414 million and non-GAAP diluted EPS is projected to fall between $1.13 and $1.15.
Zoom’s valuation looks much more appealing after this recent earnings report. Investors should watch this tech stock closely as we look to the New Year.