{"id":26799,"date":"2023-11-21T10:24:58","date_gmt":"2023-11-21T10:24:58","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/zoom-lifts-annual-results-forecast-as-ai-features-boost-demand-the-express-tribune\/"},"modified":"2023-11-21T10:24:58","modified_gmt":"2023-11-21T10:24:58","slug":"zoom-lifts-annual-results-forecast-as-ai-features-boost-demand-the-express-tribune","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/zoom-lifts-annual-results-forecast-as-ai-features-boost-demand-the-express-tribune\/","title":{"rendered":"Zoom lifts annual results forecast as AI features boost demand | The Express Tribune"},"content":{"rendered":"
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Zoom Video Communications raised its annual revenue and profit forecasts on Monday, as hybrid work trends and the integration of artificial intelligence technology into its products boosted demand.<\/p>\n

Platforms including Zoom, Microsoft’s\u00a0Teams and Cisco’s\u00a0Webex became household names during the COVID lockdowns and have enjoyed resilient demand as many businesses shifted to hybrid work models.<\/p>\n

Zoom now expects annual adjusted profit per share between $4.93 and $4.95, higher than its prior forecast of $4.63 and $4.67.<\/p>\n

The company lifted its full-year revenue forecast to between $4.506 billion and $4.511 billion, from $4.485 billion to $4.495 billion earlier.<\/p>\n

“We bolstered Zoom’s all-in-one intelligent collaboration platform with advanced new capabilities like Zoom AI Companion and continued to evolve our customer and employee engagement solutions,” CEO Eric Yuan said.<\/p>\n

Zoom’s AI Companion, introduced during the third quarter, allows paid users to access features including meeting summaries and catch-ups, as well as email and chat composed prompts. More than 220,000 accounts had enabled it as of Monday.<\/p>\n

The company’s quarterly free cash flow grew 66.2% to $453.2 million, and Zoom expects $1.34 billion to $1.35 billion for the full year.<\/p>\n

“Cash flow was the highlight, but also encouraged by traction with Phone and Contact Center… gives us greater confidence that we can see growth re-accelerate in the near term,” RBC analyst Rishi Jaluria said.<\/p>\n

The Phone segment grew to roughly 7 million paid seats while Contact Center reached about 700 customers as of quarter-end.<\/p>\n

Zoom’s current-quarter revenue is expected to be between $1.125 billion and $1.130 billion, in line with expectations, according to LSEG data.<\/p>\n

For the third quarter, revenue grew 3.2% to $1.14 billion, slightly above estimates.<\/p>\n

It earned $1.29 per share on an adjusted basis, surpassing expectations of $1.09.<\/p>\n<\/div>\n