Today is Tuesday, February 28, 2023.
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Zoom's Enterprise Customers
Shares of Zoom Video Communications (Nasdaq: ZM) surged by 7.43% in after-hours trading on Monday after the technology company posted positive financial earnings.
Financials: Zoom reported earnings of $1.22 per share in the past quarter and revenue of $1.12 billion; both were better than expected.
The Good: Zoom was saved by its enterprise business, with enterprise revenue climbing 18% year-over-year. Revenue for Zoom Phone grew by more than 100%. In particular, revenue from customers who are spending more than $100,000 increased by 27%.
The Bad: Online revenue dropped by 10% and the macroeconomic situation continues to limit growth.
Outlook: Zoom expects to have earnings per share between 96 cents and 98 cents in the current quarter, which is good, but expects revenue to be between $1.080 billion and $1.085 billion, which is not good.
Final Thoughts: Zoom, down 44% in the last 12 months, is trying to recover from its fall as a pandemic darling. While the company won’t experience the same growth it had during the pandemic, the fact that it is growing the enterprise business is good.
Notable Earnings Today: Target (NYSE: TGT), Norwegian Cruise Line (NYSE: NCLH), Rivian Automotive (Nasdaq: RIVN), AMC Entertainment (NYSE: AMC), AutoZone (NYSE: AZO), Marathon Digital Holdings (Nasdaq: MARA), Clover Health Investments (Nasdaq: CLOV), First Solar (Nasdaq: FSLR), Advance Auto Parts (NYSE: AAP), Novavax (Nasdaq: NVAX), Daqo New Energy (NYSE: DQ), Blink Charging (Nasdaq: BLNK), J.M. Smucker (NYSE: SJM), Virgin Galactic (NYSE: SPCE), International Seaways (NYSE: INSW), Axon (Nasdaq: AXON), Builders FirstSource (NYSE: BLDR), Monster Beverage (Nasdaq: MNST), API Group (NYSE: APG), Agilent (NYSE: A), 3D Systems (NYSE: DDD), ADT (NYSE: ADT), Ambarella (Nasdaq: AMBA), CarGurus (Nasdaq: CARG), Cracker Barrel (Nasdaq: CBRL), Clean Energy Fuels (Nasdaq: CLNE), Compass (NYSE: COMP), Coupang (NYSE: CPNG), Cronos Group (Nasdaq: CRON), Duolingo (Nasdaq: DUOL), Frontline (NYSE: FRO), GoodRx (Nasdaq: GDRX), Gogo (Nasdaq: GOGO), Grocery Outlet (Nasdaq: GO), HP (NYSE: HPQ), International Game Technology (NYSE: IGT), Myriad Genetics (Nasdaq: MYGN), Nexstar (Nasdaq: NXST), PubMatic (Nasdaq: PUBM), Rocket Companies (NYSE: RKT), Ross Stores (Nasdaq: ROST), SeaWorld Entertainment (NYSE: SEAS), Urban Outfitters (Nasdaq: URBN), Warby Parker (NYSE: WRBY).
Notable IPOs Today: NAVA HEALTH MD, LLC (Nasdaq: NAVA), Israel Acquisitions Corp Class A Ordinary Shares (Nasdaq: ISRL), Beamr Imaging Ltd. Ordinary Share (Nasdaq: BMR).
Notable Equity Crowdfunding Campaigns Ending Today: Blendid (StartEngine), Chilling (Republic), Endo (Mainvest).
Notable Economic Events Today: Goods Trade Balance (8:30 a.m. ET), Retail Inventories (8:30 a.m. ET), S&P/ Case-Shiller Home Price Index (9:00 a.m. ET), Chicago PMI (9:45 a.m. ET), CB Consumer Confidence (10:00 a.m. ET).
Occidental Petroleum Slips Due to Earnings Miss
Photo by Zbynek Burival / Unsplash
Occidental Petroleum (NYSE: OXY) dropped 1.24% in after-hours trading on Monday after the company’s quarterly earnings missed estimates.
Final Thoughts: The good news for the energy giant is that it is raising its dividend by 38% and is rolling out a $3 billion stock buyback.
Workday Drops Despite Good Earnings
Despite better-than-expected financial earnings, Workday (Nasdaq: WDAY) dropped by 3.02% in after-hours trading on Monday due to a lower outlook.
Final Thoughts: The company's conservative guidance for subscription revenue was not enough to ease investors who are worried about global workforce changes.
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Trends to Watch
Beware of Scams: Crypto Con Artists Leave Trail of ‘Rip Deal’ Victims From Amsterdam to Rome (CoinDesk)
Optimism: Bitcoin bulls remain in charge even in the face of increasing regulatory FUD (Cointelegraph)
Jumping on the Bandwagon: Mark Zuckerberg announces new team at Meta working on A.I. products for Instagram, WhatsApp (CNBC)
Healthy Earnings: Hims and Hers stock rallies after Q4 beat, subscriber data (MarketWatch)
Discontinued: Coinbase to Delist Binance USD Stablecoin Amid Regulatory Scrutiny (Decrypt)
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