Zoom Video Communications (NASDAQ: ZM) reported lower earnings and higher revenues for the first quarter of 2023. Earnings topped Wall Street’s expectations, while revenues matched the estimates.
Adjusted earnings, excluding special items, dropped to $1.03 per share in the first quarter from $1.32 per share a year earlier. Unadjusted net income was $113.6 million or $0.37 per share, compared to $227.4 million or $0.74 per share in the first quarter of 2022. The latest number beat the estimates.
At $1.07 billion, net revenues were up 12% year-over-year. The top line matched analysts’ forecasts. The company had around 98,900 enterprise customers at the end of the quarter, up 24% from the last fiscal year.
“In Q1, we launched Zoom Contact Center, Zoom Whiteboard, and Zoom IQ for Sales, demonstrating our continued focus on enhancing the customer experience and promoting hybrid work. We believe these innovative solutions will further expand our market opportunity for future growth and expansion with customers,” said Zoom’s CEO Eric Yuan.