It forecasts Q3 total revenue at $1.095B – $1.10B vs. Meanwhile, the firm’s management updated fiscal guidance for Q3 and the 2023 financial year. Thus, the technology company may face extended macro challenges, including continued pressure within the EMEA area and in its online business. He added that Tiger Global Management withdrew his Zoom stake. Meanwhile, the Q2 results saw BTIG specialist Matt VanVliet downgrading Zoom from buy to neutral. Zoom Video shares declined by approximately 15% yesterday following the Q2 earnings, and Citigroup’s Tyler Radke commented that the quarterly earnings revealed concerns that influenced the company’s latest downgrade. JMP Securities economist Patrick Waleavens stated that the total revenue outcomes are worsening, with online sales plummeting by 9% Y/Y, worse than last quarter’s 2% drop. Total revenue gained 7.8% year-on-year to $1.1 billion, lower than anticipated, whereas no-GAAP earnings (per share) were $1.05, beating by $0.12. Zoom Video announced Q2 financial outcomes last Monday. Remember, the company completed its IPO (initial public offering) in 2019 following its 2011 incorporation. It offers online chat and telephony services via cloud-based P2P software. Zoom Vide is a communication tech company based in the United States. Q2 Results and Concerns That Drove Latest Downgrade Second-quarter outcomes missed estimates, and Tyler Radke of Citigroup stated that quarterly earnings highlight multiple concerns that influence the company’s latest downgrade. Meanwhile, the firm’s management revised financial guidance for Q3 and the entire 2023 financial year. Zoom Video Communications announced Q2 earnings last Monday. Zoom Video will likely keep enduring the persistent macro headwinds.Citigroup’s Tyler Radke stated that quarterly outcomes painted many concerns.Zoom Video announced Q2 earnings last Monday.
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