Zoom Video Communications gave a sales forecast for the current quarter that has failed to impress investors, who were expecting a bigger boost from the company’s expanded suite of products.
Revenue will be about $1.18 billion in the period ending in January, Zoom said Monday in a statement. Profit, excluding some items, will be $1.29 to $1.30 a share. Analysts, on average, projected adjusted earnings of $1.28 a share on sales of $1.17 billion, according to data compiled by Bloomberg.
The shares declined about 4.5% in extended trading after closing at $89.03 in New York. While Zoom’s outlook met estimates, the stock had gained about 48% since the company’s last earnings report in August on optimism about the new products.