Daily Management Review

Zoom triples net profit in Q3 2023


Zoom Video Communications Inc., a US-based provider of remote conferencing services, increased its full-year forecast and nearly tripled its net income in the third quarter of fiscal 2024.

Zoom triples net profit in Q3 2023
In August through October, net income was $141.212 million, or 45 cents per share, as opposed to $48.353 million, or 16 cents per share, for the same period last year, according to a press release from the company. Profits per share, excluding one-time items, grew from $1.07 to $1.29.

The revenue showed an increase from $1.102 billion to $1.137 billion, a 3.2% increase.

FactSet polled experts, and they averaged adjusted earnings per share of $1.09 on $1.12 billion in revenue.

Zoom had roughly 219,700 client companies at the end of the quarter, a 5% increase from the previous year. The number of users who bring in more than $100,000 annually for the company increased to 3,731,000, a 13.5% increase over the previous year.

source: cnn.com