In the second quarter of its fiscal 2023, Zoom Video Communications posted $1.05 of earnings per share. Analysts had expected EPS to fall to $0.938 after earnings of $1.36 per share in the prior-year period. Bottom line, profits in the second fiscal quarter, which ended in July, fell to $45.7 million from $316.9 million a year ago. One of the reasons was significantly increased marketing expenses.
In terms of revenue, Zoom posted $1.0995 billion for the past quarter. This is eight percent more than in the same quarter last year. At that time, sales of 1.02 billion US dollars were still on the software company’s books. The analyst estimates had previously amounted to 1.12 billion US dollars for the current sales.
Zoom, originally developed for use in companies, suddenly became a mass product during the corona pandemic. Not only companies used the software to continue their business in the home office, but also consumers used it for family reunions or yoga classes. This explosive growth has already slowed down as the corona restrictions were lifted.
Zoom is now focusing on large enterprise customers, including the call center business, to lay the foundation for new growth. The strategy also includes using the strong position in video conferencing to also offer voice telephony to corporate customers. In this area – Zoom Phone – the past quarter was the best so far.
In the online business, which Zoom primarily does with consumers and small businesses, a decline of seven to eight percent is now expected for the current financial year. Zoom had previously expected stagnant revenues here. Zoom lowered its sales forecast for the fiscal year from a good $4.5 billion to just under $4.4 billion.
Investors are not convinced by the numbers. They temporarily sent Zoom shares down 13.43 percent to $84.38 in NASDAQ trading on Tuesday.
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