Zoom Video (ZM.US) stock plunges 16% following the release of quarterly results. The video conferencing company reported quarterly earnings of $1.36 per share, well above analysts' estimates of $1.16 per share. Revenue of $1.02 billion also topped market expectations of $990 million. However company growth rate weakened as businesses and schools reopened. Zoom said sales in the third quarter are expected to rise about 31% which is sharply lower compared to the 355% growth in sales reported this time last year.
Zoom Video (ZM.US) stock launched today's session with a massive bearish price gap and is heading towards a major support zone around $268.45 which coincides with 61.8 Fibonacci retracement of the last upward wave which started back in December 2019. Source: xStation5
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