Zoom Video Posts Disappointing Results For Latest Quarter

Zoom Video misses earnings estimates, but tops revenue figures for quarter ended Jan. 31.
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Zoom Video Communications  (ZM) - Get Report missed analyst earnings estimates for its latest quarter, even as revenue came in above projections.

The video conferencing company said it took in $188 million in revenue for the period ended Jan. 31, and posted net income per diluted share of 5 cents. Net income attributable to common shareholders was $15.1 million.

Analysts had expected the company to report net income of $20.9 million, or 7 cents a share, on sales of $176.5 million, based on a FactSet survey.

In the same period a year ago, the company broke even on sales of $105.8 million.

Zoom offered first-quarter guidance for revenue between $199 million and $201 million. First-quarter non-GAAP diluted earnings per share are expected to be 10 cents a share.

In the upcoming quarter, analysts were forecasting net income of $17.8 million, or 6 cents a share, on sales of $185.6 million.

For the year, analysts project revenue of $610.9 million.

Shares of Zoom fell $7.72, or 6.6%, to $109.08 in after-hours trading on Wednesday.