Zoom Boosts Outlook With Move Beyond Video Calls
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Zoom Video Communications Inc. raised its annual forecasts, a sign of progress on its effort to sell more products to large enterprise customers. The shares gained about 4% in extended trading.Revenue for the year ending in January 2024 will be as much as $4.5 billion, the company said Monday in a statement. In May, Zoom projected annual sales of about $4.48 billion. Annual earnings, excluding some items, will be $4.63 to $4.67 a share, compared with a previous forecast of $4.25 to $4.31. Investors have been concerned about the stagnation of Zoom's once-explosive sales as the company's central videoconferencing software is challenged by major rivals, such as Microsoft Corp. Zoom's plan to resuscitate growth hinges on expanding its tools for large businesses, such as phone platfor...