What's Going On With Zoom Stock Tuesday?
Portfolio Pulse from Adam Eckert
Zoom Video Communications Inc (NASDAQ:ZM) reported Q3 financial results that exceeded estimates, with revenue of $1.14 billion and EPS of $1.29. The company saw a 7.5% year-over-year increase in enterprise revenue and a 67% increase in operating cash flow. Zoom ended the quarter with 219,700 enterprise customers, a 5% increase from the previous year, and raised its full-year revenue and earnings outlook. Despite the positive results, Barclays and Rosenblatt maintained their ratings with lowered and maintained price targets, respectively. After an initial post-earnings increase, Zoom's stock pulled back slightly.
November 21, 2023 | 1:43 pm
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NEUTRAL IMPACT
Zoom's Q3 earnings beat estimates with higher revenue and EPS, and the company raised its full-year outlook. Analysts' reactions were mixed, with Barclays lowering its price target and Rosenblatt maintaining theirs.
While Zoom's Q3 earnings were positive and the company raised its full-year guidance, the mixed reactions from analysts and the subsequent stock pullback indicate uncertainty in the short-term impact on the stock price. The lowered price target by Barclays could dampen investor sentiment, while the maintained target by Rosenblatt suggests a neutral outlook. The initial positive reaction to the earnings report may be offset by these analyst ratings and the current market response.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100