It said that the “broader economic environment” has contributed to around $115 million of the guidance cut while the stronger US dollar for around $35 million. It now expects to post revenues between $4.385 billion and $4.395 billion in the fiscal year 2023. However, the mood was dampened by the guidance cut. Zoom reported adjusted EPS of $1.05 in the quarter which was ahead of the 94 cents that analysts were expecting. Zoom Lowered Its Guidance for the Fiscal Year 2023 Many Wall Street analysts advised buying Amazon stock after the earnings release. However, it impressed markets with its guidance and the stock soared. Even Amazon’s revenue growth fell to the lowest level in two decades in the second quarter of 2022. Like fellow stay-at-home winners like Netflix, Amazon, and Chegg, Zoom is witnessing a growth slowdown and is battling with tougher YoY comps. It is also the first time that the company has posted single-digit sales growth. It is the first time since Zoom went public that its revenues have been below the midpoint of the guidance. The company had posted revenue growth of 12% in the previous quarter and the growth fell further in the second quarter. Zoom reported revenues of $1.10 billion in the quarter ended July which was 8% higher than the corresponding last year, but below what analysts were expecting.
#ZOOM STOCK PRICE FORECAST 2021 HOW TO#
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