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Zoom Video Communications (NASDAQ: ZM ) has reported lower adjusted earnings for the fourth quarter of 2023 as revenue rose. The company also provided guidance for the first quarter and fiscal 2024.
Adjusted earnings, excluding special items, fell to $1.25 per share in the fourth quarter from $1.32 per share a year ago. On an unadjusted basis, the company reported a net loss of $104.1 million or $0.36 per share, compared to a profit of $490.5 million or $1.60 per share in the fourth quarter of 2022.
At $1.12 billion, net profit increased by 4% year-on-year. The company had about 213,000 Enterprise customers at the end of the quarter, up 12% year over year.
Check out this space to read management/analyst commentary on Zoom Video’s Q4 2023 earnings
“Zoom One adoption continues to accelerate and help Zoom Phone grow more than 100% year-over-year, surpassing 5.5 million seats in Q4. Emerging technologies such as Zoom Contact Center are accelerating as customer experience teams recognize the value of a modern, integrated collaboration solution,” said Zoom CEO Eric Yuan.
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