Zoom Video Communications, Inc. Class A (ZM) reported an earnings beat for its 1st quarter, ending 4/30/2023. Earnings per share came in at $1.16, versus the expected $0.99.
The reported revenue of $1.11 billion represents a decrease of -1.11% compared to the previous quarter, and growth of 2.94% compared to the same period last year.
For the 2nd quarter, analysts project earnings of $1.05 per share.
Often, earnings announcements affect a stock’s price. See a history of earnings-related price changes for ZM stock.
What’s Next for Zoom Video Communications, Inc. Class A, Post-Earnings?
According to TipRanks, the average analyst consensus on ZM stock is a Hold. This consensus is based on 21 analyst ratings made in the past 3 months. Zoom Video Communications, Inc. Class A’s average price target of $82.94 implies upside potential of 16.15% from current levels.
See our Earnings Calendar for a full list of this week’s earnings releases.
Bottom Line
An earnings beat can signify positive movement ahead for a stock’s price. Currently, ZM price is $71.41, indicating a 5-day rise of 5.25%.
About Zoom Video Communications, Inc. Class A
Founded in 2011, Zoom Video Communications, Inc. is a cloud-based peer-to-peer software platform that connects people through videotelephony and online chat services. Its video-first communications platform is used for teleconferencing, telecommuting, distance education, and social relations.
Learn more about ZM financials here