Zoom Video Communications (NASDAQ: ZM) reported lower earnings and higher revenues for the second quarter of 2023. The top line missed analysts’ estimates.
Adjusted earnings, excluding special items, dropped to $1.05 per share in the second quarter from $1.36 per share a year earlier. On an unadjusted basis, net income attributable to common stockholders was $45.7 million or $0.15 per share, compared to $316.9 million or $1.04 per share in the second quarter of 2022.
At $1.10 billion, net revenues were up 8% year-over-year. The top line slightly missed analysts’ forecasts. The company had around 204,100 enterprise customers at the end of the quarter, up 18% from the same quarter last year.
Check this space to read management/ analysts’ comments on Zoom Video’s Q2 2023 earnings
“Businesses are drawn to the Zoom platform because of our innovation and modern architecture. Our recently launched Zoom Contact Center and Zoom IQ for Sales products saw some great early wins while Zoom Phone delivered milestone results, hitting a record number of licenses sold in the quarter and reaching nearly 4 million seats, up more than 100% year over year,” said Zoom’s CEO Eric Yuan.