Shares of Zoom Video Communications Inc. (NASDAQ: ZM) slid during Monday’s after hours session following the release of the company’s Q4 earnings beat and weak Q1 guidance.
Management highlighted fourth quarter total revenue of $1,071.4 million, a 21% year-over-year increase helping to drive the total fiscal year revenue to a 55% year-over-year growth to $4,099.9 million. Additionally, fourth quarter non-GAAP income from operations increased 16% year-over-year to $420.3 million which totaled the full year non-GAAP income from operations to $1,657.1 million, a 69% year-over-year increase. In particular, the company announced the authorization to repurchase up to $1.0 billion of Zoom’s Class A common stock.
Zoom Video Founder and CEO Eric Yuan highlighted the fourth quarter’s “strong results with total revenue of more than $4 billion growing 55% year over year” and emphasized the “increased profitability and operating cash flow growth as our global customer base continued to grow and find new use cases for our broadening communications platform.”
Zoom Video Communications Inc. provides a communications platform that connects people through video, voice, chat, and content sharing. The company’s cloud-native platform enables face-to-face video and connects users across various devices and locations in a single meeting.
At the time of publication, shares of Zoom were trading 2.33% lower during after hours at $129.51. The stock had a 52-week low of $114.26 and a 52-week high of $440.00.
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