---
title: "ZOOM's second-quarter performance exceeded expectations, leading to an upward revision of its full-year performance guidance. After the market closed, the stock briefly rose by nearly 10%. | Earnings Report Insights"
type: "News"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/95771267.md"
description: "ZOOM's second quarter revenue and net profit exceeded expectations, and the company has also raised its annual performance guidance. Currently, ZOOM expects its fiscal year 2024 revenue to reach $4.5 billion, higher than the $4.48 billion expected in May; it is expected that the non-GAAP earnings per share for the fiscal year will be between $4.63 and $4.67, higher than the previous expectation of $4.25 to $4.31. In addition, the number of major clients of the company has further increased."
datetime: "2023-08-21T22:41:57.000Z"
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  - [en](https://longbridge.com/en/news/95771267.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/95771267.md)
---

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# ZOOM's second-quarter performance exceeded expectations, leading to an upward revision of its full-year performance guidance. After the market closed, the stock briefly rose by nearly 10%. | Earnings Report Insights

After the US stock market closed on Monday, August 21st, video conferencing giant ZOOM announced its financial results for the second quarter of the fiscal year 2024, ending on July 31st.

According to the earnings report, ZOOM's total revenue in the second quarter increased by 3.6% to $1.14 billion. The non-GAAP earnings per share were $1.34, both of which exceeded market expectations.

ZOOM also raised its profit and sales expectations for the fiscal year. It is expected that the total revenue for the fiscal year ending in January 2024 will reach $4.5 billion, higher than the company's previous forecast of $4.48 billion in May. The non-GAAP earnings per share for the full fiscal year are expected to be between $4.63 and $4.67, higher than the previous forecast of $4.25 to $4.31.

ZOOM executives expect adjusted earnings per share for the third quarter to be between $1.07 and $1.09, with revenue between $1.115 billion and $1.12 billion. The third-quarter net profit guidance is higher than the market's expectation of $1.03, but the revenue guidance is lower than the market's expectation of $1.13 billion.

After the announcement, ZOOM's stock price rose nearly 10% in after-hours trading.

During the COVID-19 pandemic, ZOOM's performance experienced explosive growth due to remote work and learning. However, as the pandemic subsides, and especially with the rise of AI chatbots since the end of last year, there are concerns in the market that competitors such as Microsoft Teams will bring additional pressure to ZOOM.

Nevertheless, ZOOM has not stood still. With the help of AI technology, the company has expanded its range of tools for large enterprises, including phone platforms, customer service systems, calendar applications, and chat functions. In addition, the company has invested in AI startup Anthropic and announced the acquisition of workplace communication tool Workvivo.

As of the end of the second quarter, ZOOM had 218,100 corporate customers, a year-on-year increase of 6.9%. Among these customers, 3,672 contributed more than $100,000 in revenue in the past 12 months, representing a significant increase of nearly 18% in the number of major clients.

In the second quarter, the company's revenue from enterprise business grew by 10% to $659.5 million, while revenue from consumer and small business segments declined by 4.3% to $479.2 million.

Kelly Steckelberg, ZOOM's CFO, stated:

> We have raised our full-year performance guidance to reflect our consistent view of the enterprise business.

Steckelberg also mentioned that ZOOM's new non-video products have strong appeal. She stated in her speech that ZOOM Phone has achieved an annualized operating revenue of approximately $500 million, and the number of customers for its contact center tools has exceeded 500.

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