Zoom Video Communications¡¯ latest financial results show that its transition from an essential pandemic-era tool to an enterprise business platform is going to take longer than expected.
While Zoom said it¡¯s generating a growing percentage of revenue from enterprise customers, the software-maker didn¡¯t add as many in the fiscal second quarter as analysts expected. The company also cut its annual revenue forecast, saying it¡¯s losing sales from consumers and small businesses faster than anticipated.
The results, said Citigroup analyst Tyler Radke, were ¡°even worse than we expected.¡± The shares slid more than 8% in extended trading.
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