Zoom Video Communications (NASDAQ: ZM) reported lower earnings and higher revenues for the third quarter of 2023. Earnings beat, while the top line matched the Street view.
Adjusted earnings, excluding special items, dropped to $1.07 per share in the third quarter from $1.11 per share a year earlier but came in above Wall Street’s projection. On an unadjusted basis, net income attributable to common stockholders was $48.4 million or $0.16 per share, compared to $340.3 million or $1.11 per share in the third quarter of 2022.
At $1.10 billion, net revenues were up 5% year-over-year. The top line came in line with analysts’ forecasts. The company had around 209,300 enterprise customers at the end of the quarter, up 14% from the same quarter last year.
Check this space to read management/ analysts’ comments on Zoom Video’s Q3 2023 earnings
“In Q3, we drove revenue above guidance with continued momentum in Enterprise. In addition, our non-GAAP operating income came in meaningfully higher than our outlook, setting us up to finish the year with full-year revenue growth, strong GAAP and non-GAAP profitability, and free cash flow that we expect to be at the high end of our range of $1 billion to $1.15 billion,” said Zoom’s CEO Eric Yuan.