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Investing.com — Zoom Video Communications provided upbeat guidance on earnings after reporting Monday fourth-quarter results that beat Wall Street estimates on both the top and bottom lines as new enterprise customer wins bolstered performance.
Zoom Video Communications Inc (NASDAQ:ZM) stock was up 6% in after-hours trading.
The company reported EPS of $1.22 on revenue of $1.12 billion, beating estimates for EPS $0.81 on revenue of $1.10B.
In the weeks leading up to its results, Zoom announced said it would cut about 15% of its workforce, worrying investors that the video conferencing software maker was preparing for softer enterprise demand.
Enterprise customers, however, were up 12% to about 213,000 in year over year, taking enterprise revenue to $636.1 million, up 18% year over year.
Customers contributing more than $100,000 in trailing 12-month revenue were up 27% to 3,471 from the same quarter last fiscal year.
Looking ahead, the company guided fiscal first-quarter adjusted EPS between $0.96 and $0.98, above consensus of $0.85. Revenue was expected to be in a range of $1.080B to $1.085B, below consensus of $1.11B.
For the full-year 2024, the company guided adjusted EPS between $4.11 and $4.18 on revenue in a range of $4.435B and $4.455B. The compared with estimates for EPS of $3.67 on revenue of $4.63B.
“While the macroeconomic situation continues to negatively impact our overall growth, we have maintained a healthy balance sheet and operating cash flow generation of approximately $1.29 billion,” the company said.
