Zoom Raises Annual Sales Forecast in Sign Pandemic-Era Customers Here to Stay
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Zoom Raises Annual Sales Forecast in Sign Pandemic-Era Customers Here to Stay
(Bloomberg) -- Zoom Video Communications Inc. shares slid after the company reported that a plan to grow sales with enterprise customers may not proceed as quickly as expected.
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The company, which came to prominence as the video-conferencing tool of choice during the Covid-19 pandemic, didn’t add as many large corporate customers as analysts’ anticipated. These business customers are now Zoom’s focus and are vital to demonstrating the company can revive its sales growth.
Still, Zoom raised its sales forecast for the full year, a positive sign for the software maker’s effort to continue growing in a post-pandemic world. Sales for the fiscal year ending in January 2025 will be $4.47 billion to $4.49 billion, Zoom said Monday in a statement. That’s up from an earlier outlook of about $4.44 billion. The company also improved its forecast for annual adjusted profit, projecting $4.25 to $4.31 a share, compared with a previous forecast of $4.11 to $4.18 a share.
The stock fell about 6% at the start of trading Tuesday in New York. The stock had gained 5.4% this year through Monday’s close, lagging behind most software peers amid continued concerns about customer churn and competition from Microsoft Corp. The ousting of high-profile sales President Greg Tomb in March fueled questions about the success of the company’s sales operation.
Consumers and small businesses that flocked to Zoom during the pandemic had been dropping off the platform in recent quarters, denting profitability and sales growth. That group of customers is now stabilizing, Chief Financial Officer Kelly Steckelberg said in remarks prepared for a conference call after the results were released. The online segment should generate about $480 million in the current period and remain relatively unchanged thereafter, she said.
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