Zoom Video Communications Inc said on Monday it will integrate more artificial intelligence into its products and forecast annual profit above Wall Street estimates, sending the company's shares up 8% in extended trading.
"The age of AI and large language models has arrived," said Chief Executive Eric Yuan during a call with analysts, adding that AI can "truly help" the company.
Zoom is also benefiting from steady demand for its video-conferencing service from the ongoing shift to hybrid work models and cost cuts. Earlier this month, it announced an about 15% reduction in its workforce. On an adjusted basis, Zoom earned $1.22 per share for the fourth quarter ended Jan. 31, compared with estimates of 81 cents per share.Finance chief Kelly Steckelberg said the growth was primarily driven by strength in Zoom's enterprise business.
The company, however, expects 2024 revenue between $4.44 billion and $4.46 billion, below average Street estimate of $4.60 billion. "The revenue outlook is softer than initially expected, partly due to macro pressures and especially given declining online business," Jaluria said.Our Standards:
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