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Zoom stock gains on upbeat financial outlook

Autor: Financial Market
Timp de citit: 2 minute

Zoom Video (ZM.US) stock rose sharply in todays’s session as the video conferencing specialists posted better than expected financial results for the fourth quarter. Additionally the company forecasts solid annual profit this year as it plans to integrate more artificial intelligence into its products.

Total revenue for the fourth quarter was $1,117.8 million, up 4% year over year. Enterprise revenue was $636.1 million, up 18% year over year, and Online revenue was $481.7 million, down 10% year over year.

Zoom posted a GAAP loss from operations for the fourth quarter $(129.9) million, compared to GAAP income from operations of $251.8 million in the fourth quarter of fiscal year 2022, due to additional stock-based compensation expense related to a change to the supplemental equity grant program.

After adjusting for stock-based compensation expense and related payroll taxes, and acquisition-related expenses, non-GAAP income from operations for the fourth quarter was $404.8 million, down from $420.3 million in the fourth quarter of fiscal year 2022. For the fourth quarter, GAAP operating margin was (11.6)% and non-GAAP operating margin was 36.2%.

Net GAAP loss attributable to common stockholders for the fourth quarter was $(104.1) million, or $(0.36) per share, compared to GAAP net income attributable to common stockholders of $490.5 million, or $1.60 per share in the fourth quarter of fiscal year 2022.

Total revenue for the fiscal year was $4,393.0 million, up 7% year over year, Enterprise revenue was $2,409.3 million, up 24% year over year, and Online revenue was $1,983.6 million, down 8% year over year.

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GAAP net income attributable to common stockholders for the fiscal year was $103.7 million, or $0.34 per share, compared to GAAP net income attributable to common stockholders of $1,375.1 million, or $4.50 per share for fiscal year 2022.

Customer Metrics: Drivers of total revenue included acquiring new customers and expanding across existing customers. At the end of the fourth quarter of fiscal year 2023, Zoom had:

• Approximately 213,000 Enterprise customers, up 12% year over year.
• A trailing 12-month net dollar expansion rate for Enterprise customers of 115%.
• 3,471 customers contributing more than $100,000 in trailing 12 months revenue, up approximately 27% from the same quarter last fiscal year.
• Online average monthly churn of 3.4% for Q4, down 40 bps from the same quarter last fiscal year.

Financial Outlook

For full fiscal year total revenue is expected to be between $4.435 billion and $4.455 billion, Non-GAAP income from operations is expected to be between $1.606 billion and $1.626 billion.

Full fiscal year non-GAAP diluted EPS is expected to be between $4.11 and $4.18 with approximately 309 million non-GAAP weighted average shares outstanding.