Zoom lifts annual forecasts on robust demand amid AI push | HT Tech

Zoom lifts annual forecasts on robust demand amid AI push

ZOOM-VIDEO-COMMN-RESULTS:Zoom lifts annual forecasts on robust demand amid AI push

| Updated on: May 21 2024, 03:52 IST
Zoom lifts annual forecasts on robust demand amid AI push
Zoom lifts annual forecasts on robust demand amid AI push

-Zoom Video Communications on Monday raised its annual forecast for profit and revenue, helped by robust demand for its product portfolio as companies continue to adopt hybrid work.

The upbeat outlook indicated that Zoom's efforts to incorporate artificial intelligence and broaden its range of services have been successful.

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It introduced Zoom Workplace, an AI powered, open collaboration platform in March, along with new AI companion expansions, first unveiled in September last year, for paid users.

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Zoom, along with platforms like Microsoft's Teams and Cisco's Webex are pandemic darlings, which most businesses and individuals turned to, for connecting with employees and friends.

"In Q1, we continued to integrate AI across our platform including Zoom Contact Center and Zoom Workplace, our AI-powered collaboration platform," CEO Eric Yuan said.

The company now expects 2025 revenue of about $4.61 billion to $4.62 billion, up from its earlier forecast of about $4.6 billion. Analysts expect revenue of $4.61 billion, according to LSEG data.

On an adjusted basis, it expects full-year earnings between $4.99 and $5.02 per share, compared with its previous forecast of between $4.85 and $4.88.

For the second quarter, Zoom sees revenue between $1.145 billion and $1.150 billion, slightly below analysts' average estimate of $1.15 billion.

The company posted revenue of $1.14 billion, up 3.2%, for the first quarter ended April 30 and above analysts' expectations of $1.13 billion.

Zoom reported quarterly adjusted earnings of $1.35 per share, also above estimates of $1.20.

This article was generated from an automated news agency feed without modifications to text.

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First Published Date: 21 May, 03:52 IST

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