Zoom Video stock plunged 13% despite upbeat Q3 earnings

4:47 PM December 1, 2020
Zoom Video (ZM.US) stock fell more than 13%, despite the fact that the communications technology company posted better-than-expected results for its third quarter. The company reported earnings of 99 cents a share on $ 777 million in revenue. Analysts were expecting earnings of 76 cents a share and $ 694 million in revenue. The company’s forward guidance indicate slowdown in revenue growth from quarter to quarter. Also analysts from Morgan Stanley pointed that after the pandemic the work-from-home and school-from-home dynamic may diminish.
Zoom Video (ZM.US) stock launched today's session with a bearish price gap, under the major resistance at $440.90. Price  is currently testing earlier broken downward trendline which coincides with 50 SMA (green line). If the current sentiment prevails, the downward move could be extended to the $380.00 handle. On the other hand if buyers will manage to halt declines here, then another upward impulse could be launched. Source: xStation5

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