Zoom Video Communications delivered a stellar 4Q performance as the structural shift toward work-from-anywhere amid the COVID-19 pandemic drove strong demand for its platform. Furthermore, the video-telephony and online chat services provider issued better-than-expected guidance for 1Q and FY22. This drove the stock 8.4% higher during the extended trading session after closing 9.7% higher on Monday. Zoom's (ZM) adjusted earnings of $1.22 per share jumped 713.3% year-over-year and handily surpassed analysts’ expectations of $0.79. Revenues of $882.5 million beat the Street’s estimates of $811 million and increased 369% from the year-ago quarter. The robust 4Q performance reflects the benefits from the strong demand for communications and collaboration tools and services amid the COVID-19 pandemic-led work-from-home trend. Zoom expects its 1Q revenues to be in the range of $900-$905 million, higher than analysts' estimates of $835.4 million. Moreover, it expects to report adjusted EPS in the range of $0.95-$0.97, also higher than the Street's estimates of $0.70. (See Zoom stock analysis on TipRanks) As for FY22, Zoom forecasts revenues to be between $3.76 billion and $3.78 billion. Meanwhile, it projects its adjusted earnings to be in the $3.59-$3.65 per share range. Analysts are expecting the company to report revenues and earnings of $3.50 billion and $2.96 per share, respectively. Following the earnings release, Rosenblatt Securities analyst Ryan Koontz raised the stock’s price target to $400 (2.4% downside potential) from $350 and reiterated a Hold rating. In a note to investors, Koontz wrote, “Though we are thoroughly impressed with ZM execution to date and recognize that WFH and hybrid models are likely to remain post-pandemic, we believe it is critical to monitor company progress in building enterprise direct and channel sales while its brand and lead market position are most valuable.” Zoom has a Moderate Buy analyst consensus rating based on 6 Buys and 6 Holds. The average analyst price target of $488.64 implies upside potential of about 19.3% to current levels. That’s after shares have skyrocketed over 290% over the past year. Related News: Logitech Lifts FY21 & Long-Term Outlook; Street Sees 10% Upside Baidu Clinches Energy Deal With China Huaneng Group; Shares Gain 5% Pre-Market Etsy Spikes 11.5% On Upbeat 1Q Outlook After 4Q Profit Beat More recent articles from Smarter Analyst: Lemonade Slides Over 7% Despite Outperforming 4Q Estimates XPeng’s EV Deliveries Plunge In February Due To Chinese New Year Holiday Middleby’s 4Q Profit, Sales Top Analysts’ Estimates; Shares Surge 7% Amneal Posts Better-Than-Expected Q4 Results; Upbeat 2021 Revenue Outlook
ZM earnings call for the period ending December 31, 2020.
Walmart-owned Flipkart will sell groceries online in more Indian cities, as it seeks to compete better with Amazon and Reliance in an e-commerce market that has grown rapidly during the COVID-19 pandemic. Flipkart has already expanded online grocery sales to more than 50 Indian cities and intends to reach over 70 locations in the next six months, the company said in a statement on Tuesday. "Grocery continues to be one of the fastest-growing categories," said Manish Kumar, senior vice president at Flipkart, adding that the company had seen increased demand for the service from smaller cities in 2020.
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‘He was a generous man and financially stable, or so I thought.’
Tesla Inc. (NASDAQ: TSLA) has seen a further year-over-yearloss in itsshare of the European electric-vehicle market as of ...
Marriott International Inc. (NASDAQ: MAR) is reinventing how hotels in its Select Service brand portfolio are designed and constructed using a suite of proprietary solution. A first to be piloted in Asia Pacific, Marriott's end-to-end, one-stop solution is part of the latest design package that includes the use of artificial intelligence leveraging the Building Information Modeling (BIM) platform. With Marriott International offering this latest solution, the design process for owners will be more efficient with increased speed-to-market while at the same time maintaining cost control.
Joke cryptocurrency Dogecoin (CRYPTO: DOGE) is now available through 1,800 ATMs in the United States. What Happened: The Bitcoin ATM ...
Subscriptions for the Disney+ streaming service have grownbeyond expectations thanks to surprisingly strong interest from adults ...
Dow Jones futures were lower Tuesday following Monday's stock market surge. Tesla rebounded, while Zoom stock soared on earnings. Nio earnings miss.
(Bloomberg) -- Boeing Co. and Australia’s air force carried out a test flight of an unmanned fighter-like aircraft designed to team up with crewed planes in combat.The Loyal Wingman plane was flown at various speeds and altitudes by a pilot at a ground-control station in the South Australian Outback, Boeing said in a statement.More flights are planned for later this year. The autonomous aircraft can be fitted with a variety of payloads and sensors depending on the mission, according to Boeing.“Boeing and Australia are pioneering fully integrated combat operations by crewed and uncrewed aircraft,” Boeing Defense, Space & Security President Leanne Caret said in the statement.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Mark Nelson will stay on as a consultant after his tenure ends.
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The Q4 2020 blended revenue growth estimate is 7.7%. Sixty-nine percent have reported revenue above analyst expectations, and 31% reported revenue below analyst expectations.
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From February 8 through February 26, fundamentally strong stocks seemed to underperform stocks with weaker fundamental ratings. The selloff in the stocks with strong fundamentals is presenting a buying opportunity on Advanced Micro Devices.
Surprisingly strong interest from adults who do not have kids at home has helped increase subscriptions to Walt Disney Co's Disney+ streaming service beyond initial projections, Chief Executive Bob Chapek said on Monday. Disney+ debuted in November 2019 and growth has exceeded Wall Street expectations and Disney's forecast. While Disney is known for family entertainment, Disney+ also features movies and TV shows from Marvel, "Star Wars" studio Lucasfilm and others.
The videoconferencing specialist's guidance also zoomed by Wall Street's estimates.
Twitter says it has begun labeling tweets that include misleading information about COVID-19 vaccines and using a “strike system” to eventually remove accounts that repeatedly violate its rules.
The Nasdaq and SP500 have slightly different wave counts. If the market is going to be bullish, then we need strategies to be long.
The videoconferencing company’s financial guidance was higher than Wall Street expected, but still underlines the fact that growth will slow considerably from here.