Zoom Q2 beats expectations
August 22, 2023
By Chris Forrester
San Jose-based Zoom Video Communications reported its Q2 numbers after the US market closed on August 21st. Its total revenue for the quarter was $1.13 billion (€1.04bn), up 3.6 per cent y-o-y and up 4.5 per cent in constant currency. Its Q2 operating cash flow was $336 million, up 30.6 per cent y-o-y.
The results were ahead of market expectations and raised its full-year trading expectations. Its shares rose 8 per cent in after-hours trading.
Zoom said that it now had about 218,100 Enterprise customers, up 6.9 per cent from the same quarter last year.
European expansion – in net dollar terms – was up 109 per cent for its Enterprise customers.
It had 3,672 customers contributing more than $100,000 in trailing 12 months revenue, up approximately 17.8 per cent from the same quarter last fiscal year.
Its guidance for Q3 was for total revenue is expected to be between $1.115 billion and $1.120 billion and revenue in constant currency is expected to be between $1.117 billion and $1.122 billion.
Full Fiscal Year 2024 total revenue is expected to be between $4.485 billion and $4.495 billion and revenue in constant currency is expected to be between $4.516 billion and $4.526 billion.
“Our increased total revenue guidance reflects a consistent view on enterprise, with tempered expectations for online for the remainder of the year,” said Kelly Steckelberg, Zoom’s finance chief, on a conference call with analysts.