Shares of Zoom Video (NASDAQ:ZM) jumped in after-hours trading after the company reported earnings for its second quarter of Fiscal Year 2024. Earnings per share came in at $1.34, which beat analysts’ consensus estimate of $1.06 per share. Sales increased by 3.6% year-over-year, with revenue hitting $1.14 billion. This beat analysts’ expectations by $30 million.
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Looking forward, management now expects revenue and adjusted earnings per share for Q3 2023 to be in the ranges of $1.115 billion to $1.12 billion and $1.07 to $1.09, respectively. For reference, analysts were expecting $1.122 billion in revenue along with an adjusted EPS of $1.03.
Overall, Wall Street has a consensus price target of $83.93 on ZM stock, implying 24.77% upside potential, as indicated by the graphic above.
