Zoom financial report: Zoom's total revenue in Q2 of fiscal year 2023 was US$1.0995 billion, and online business sales fell 9% year-on-year

Recently, the stock price of Zoom, a developer of video conferencing software, plummeted by 16.54% to $81.32, hitting a new closing low since January 2020. Recently, Zoom announced its second quarter financial report for fiscal year 2023. Zoom's adjusted earnings per share for the second quarter exceeded Wall Street analysts' expectations, but revenue fell short of expectations, and the company's outlook for revenue and adjusted earnings per share for the third quarter and full-year fiscal year 2023 failed to meet expectations.

JMP Securities analyst Patrick Walravens gave Zoom a "market perform" rating, noting that the company has a "very good product," but overall revenue has been deteriorating, with online sales down 9% year-over-year, worse than the 2% drop in the previous quarter. Citi analyst Tyler Radke expressed a similar view, saying the company's growth appears to be "stagnant." He also added that Zoom's latest quarterly results could bring the stock a risk of a downgrade in the near term, noting that Zoom's outlook is "much worse than we feared."

According to the financial report, Zoom's total revenue in the second fiscal quarter was US$1.0995 billion, an increase of 8% compared with US$1.0215 billion in the same period last year; net profit was US$45.75 million, compared with US$317.1 million in the same period last year; net profit attributable to the company's common shareholders was US$45.75 million, a decrease of 86% compared with US$316.9 million in the same period last year.