Zoom Video Communications, Inc. (NASDAQ:ZM) reported better-than-expected second-quarter earnings and issued strong earnings outlook for the year.
Zoom said second-quarter revenue increased 3.6% year-over-year to $1.14 billion, which beat the consensus estimate of $1.11 billion. The communications company reported quarterly adjusted earnings of $1.34 per share, which beat analyst estimates of $1.03 per share.
Full-year revenue is expected to be between $4.485 billion and $4.495 billion versus estimates of $4.48 billion. Full-year earnings are expected to be between $4.63 and $4.67 per share versus estimates of $4.30 per share.
Zoom Video’s shares gained 1.3% to $68.17 in pre-market trading.
These analysts made changes to their price targets on Zoom Video following earnings announcement.
- Bernstein cut the price target on Zoom Video from $92 to $82. Bernstein analyst Peter Weed maintained a Market Perform rating.
- Wells Fargo slashed the price target on Zoom Video from $80 to $75. Wells Fargo analyst Michael Turrin maintained an Equal-Weight rating.
- Baird lowered the price target on Zoom Video from $95 to $90. Baird analyst William Power maintained an Outperform rating.
- Rosenblatt analyst Catharine Trebnick, meanwhile, reiterated Zoom Video with a Neutral and maintained a $75 price target.
Now Read This: Lowe’s, Dick’s Sporting Goods And 3 Stocks To Watch Heading Into Tuesday
