"Zoom executed well on its core initiatives, including driving AI adoption, stabilizing churn, accelerating enterprise momentum, and gaining traction with emerging products like Contact Center and Workvivo, Arjun Bhatia, an analyst at William Blair, wrote Tuesday in a note. The shares rose 9.9% to $86.34 at the close Tuesday in New York, the biggest single-day jump since Aug. 22. The stock had declined 3.7% this year through Monday's close amid a broader market anxiety toward application software."
"This quarter we announced AI Companion 3.0, and we're thrilled to see AI Companion adoption grow meaningfully, Chief Executive Officer Eric Yuan said in the statement. We're also seeing strong momentum with Custom AI Companion and our AIfirst Customer Experience suite. Enterprise revenue increased 6.1% to $741.4 million in the quarter, ended Oct. 31. Analysts, on average estimated $731.6 million. The company said it had 4,363 customers in the period who contributed more than $100,000 each over the past year."
Fiscal third-quarter sales increased 4.4% to $1.23 billion and adjusted profit was $1.52 per share, above analysts' $1.44 estimate on $1.21 billion. Enterprise revenue rose 6.1% to $741.4 million, exceeding estimates. Zoom expanded offerings beyond videoconferencing into corporate phone systems, contact center software, Workvivo and Custom AI tools priced at $12 per month, and launched AI Companion 3.0. Average monthly churn among individuals and small businesses fell to 2.7% from 2.9%. The company had 4,363 customers who contributed more than $100,000 during the past year. Shares jumped 9.9% to $86.34.
Read at www.mercurynews.com
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