Zoom Video Communications (ZM.US) stock surged over 39.0% after the video-conferencing company lifted its annual revenue forecast by more than 30% as it converted more of its huge free user base to paid subscriptions. Also company reported remarkable quarterly figures. Zoom Video earned 92 cents per share, which was much higher than analysts’ estimates of 45 cents a share. Revenue more than quadrupled in the fiscal second quarter compared to a year ago.
“Organizations are shifting from addressing their immediate business continuity needs to supporting a future of working anywhere, learning anywhere, and connecting anywhere on Zoom's video-first platform," Zoom founder and CEO Eric Yuan wrote in the earnings report.
Meanwhile BTIG analyst Matt VanVliet upgraded company's stock to Buy from Neutral with a $500 price target as he believes that Zoom is "setting new limits" for how rapidly an enterprise software platform can grow at scale with 102% quarter-over-quarter revenue growth and that the global widespread adoption of Zoom "is still in the early stages," as the longer-term shift to a hybrid work model will likely drive outsized growth and market share gains over the next several years.
Shares of Zoom Video (ZM.US) surged over 27% during premarket trading after the company reported another blowout quarterly earnings. Today the upward move is being continued after US open. Stock have reached its all-time high at $479.54 per share, however sellers showed some activity and the price pulled back. If sellers will manage to halt advances here, the downward move towards $412.65 is possible. Source: xStation5
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