Zoom Video Communications Inc ZM is trading lower Tuesday after the company announced fiscal 2022 third-quarter financial results and issued guidance.
Zoom Video reported quarterly earnings of $1.11 per share, which beat the estimate of $1.09 per share. The company reported quarterly revenue of $1.05 billion, which beat the estimate of $1.02 billion.
Zoom Video expects fiscal 2022 fourth-quarter adjusted earnings of $1.06 to $1.07 per share versus the estimate of $1.05 per share. The company expects revenue to be in a range of $1.051 billion to $1.053 billion versus the estimate of $1.02 billion.
Zoom Video said customers that contribute more than $100,000 over the trailing 12 months reached 2,507, representing an increase of 94% year-over-year.
Related Link: Zoom Video Q3 Earnings Highlights: Revenue Up 35%, $100K Customers Grow 94%
"We are well on our way to becoming an indispensable platform for enterprises, individuals, and developers to connect, collaborate, and build in the flexible hybrid world of work. We believe our global brand, innovative technologies, and large customer base position us well for the future," said Eric Yuan, founder and CEO of Zoom Video.
Wells Fargo analyst Michael Turrin maintained Zoom Video with an Equal-Weight rating and lowered the price target from $275 to $245.
ZM Price Action: Zoom Video has traded as high as $486.83 and as low as $238.20 over a 52-week period.
The stock was down 9.51% at $219.25 Tuesday morning.
Photo: courtesy of Zoom Video.
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