Zoom Video Communications (NASDAQ: ZM) has reported lower adjusted earnings for the fourth quarter of 2023 when its revenues increased. The company also provided guidance for the first quarter and fiscal 2024.
Adjusted earnings, excluding special items, dropped to $1.25 per share in the fourth quarter from $1.32 per share a year earlier. On an unadjusted basis, the company reported a net loss of $104.1 million or $0.36 per share, compared to a profit of $490.5 million or $1.60 per share in the fourth quarter of 2022.
At $1.12 billion, net revenues were up 4% year-over-year. The company had around 213,000 Enterprise customers at the end of the quarter, up 12% year over year.
Check this space to read management/ analysts’ comments on Zoom Video’s Q4 2023 earnings
“Zoom One adoption continued to accelerate and helped drive Zoom Phone to grow more than 100% year over year, surpassing 5.5 million seats in Q4. Our emerging technologies such as Zoom Contact Center picked up pace as customer experience teams recognized the value of a modern, integrated collaboration solution,” said Zoom’s CEO Eric Yuan.