ending in January, Zoom is projecting revenue of $806 million to $811 million, with non-GAAP profits of 77 to 79 cents a share, ahead of the previous Street consensus at $730.1 million and 86 cents a share. As is always the case with investing, what matters is relative performance, and some bulls wanted more.įor the current quarter. Several analysts noted Tuesday morning, though, that some investors had expected revenue to be north of $800 million. The Wall Street consensus had been for $694 million in revenue and EPS of 76 cents. For the fiscal fourth quarter, Zoom forecast adjusted earnings of $1.06 to $1.07 per share on $1.051 billion to $1.053 billion in revenue, which implies 19% growth.Zoom had predicted revenue of $685 million to $690 million, with non-GAAP profit of 73 to 74 cents a share. 31, slowing from 54% growth in the quarter before. Zoom's revenue increased 35% from a year earlier in the quarter, which ended Oct.
"Moderating growth has been, and could continue to be a near-term stock headwind, though we remain positive on the long-term growth and platform opportunity particularly as the growth rate troughs over the next couple quarters," Baird researchers wrote Tuesday. But Wall Street is generally still bullish on Zoom's future.
"While we're positive on Zoom's strategic initiatives and investments in key growth areas, we find it tougher to like a stock with more sharply decelerating growth and incremental pressure on profitability," Deutsche Bank wrote in a note Tuesday.īaird, Guggenheim, Wells Fargo, Stifel, UBS, Piper Sandler and KeyBanc also dropped their price targets. BTIG, which lowered its price target to $400 from $460, reiterated its buy rating but said the cut was to "better reflect current market sentiment and group multiple compression." Deutsche Bank Research also lowered its 12-month target to $280 from $350.
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