Zoom Video Communications Inc. (ZM) shares plummeted 12.22% in after-hours on Monday, August 30, 2021, and closed the daily trading at $305.05. In the regular trading session of Monday, ZM’s stock gained 1.96%. ZM shares have risen16.12% over the last 12 months, and they have moved up 1.82% in the past week. Over the past three months, the stock has gained 6.04%, while over the past six months, it has lost 6.78%.
Let’s see is there any recent news or development?
ZM recent financial results announcement
On August 30, 2021, Zoom Video Communications, Inc. (ZM) announced financial results for the second fiscal quarter that ended July 31, 2021.
Q2 2022 financial highlights
- ZM reported total revenue of $1,021.5 million for Q2 2022 compared to $663.5 million in Q2 2021.
- GAAP operating income was $294.6 million for Q2 2022 compared to$188.1 million in the second quarter of the fiscal year 2021.
- It reported GAAP net income of $316.9 million, or $1.04 per share in Q2 2022 compared to$185.7 million, or $0.63 per share in the second quarter of the fiscal year 2021.
- As of July 31, 2021, the company had cash, cash equivalents, and marketable securities, excluding restricted cash of $5.1 billion.
Financial guidance for Q3 2022
For Q3 2022, ZM is expecting
- Total revenue is expected to be between $1.015 billion and $1.020 billion.
- non-GAAP income from operations is expected to be between $340.0 million and $345.0 million.
- Non-GAAP diluted EPS is expected to be between $1.07 and $1.08.
ZM lawsuit settlement
On August 1, 2021, Zoom Video Communications Inc (ZM) agreed to pay $85 million and bolster its security practices to settle a lawsuit claiming it violated users’ privacy rights by sharing personal data with Facebook, Google and LinkedIn, and letting hackers disrupt Zoom meetings in a practice called Zoombombing.
ZM video calls on Amazon fire TV cube
On July 29, 2021, Amazon announced that its second-gen Fire TV Cube is now able to participate in two-way Zoom video calls. The company rolled out support for videoconferencing between the Fire TV Cube and Alexa smart displays late last year, but Zoom (ZM) opens up even more possibilities for hosting virtual chats or work calls on the biggest screen in your home.
ZM upgraded its platform with new options
On July 21, 2021, Zoom Video Communications, Inc. (ZM) announced the general availability of its latest innovations, Zoom Apps and Zoom Events. Zoom Apps seamlessly embeds third-party apps within the Zoom Meetings and desktop client experience, enhancing collaboration, productivity, and entertainment for today’s hybrid workforce. Zoom Events is an all-in-one platform for creating a wide range of interactive and immersive virtual events to reach and engage audiences.
Conclusion
The recent financial results in which the company provided Q3 financial outlook was the reason behind its plummeting on Monday and it can further slide down on Tuesday.
