(Reuters) - Wall Street analysts raised price targets for Zoom Video Communications <ZM.O> on Tuesday as its shares hit a record high, while warning that a return to office work could hamper its success in luring small corporate customers.
Zoom shares soared as much as 47% to $478 in morning trade, with brokerages raising price guidance by an average of $161 after the company reported blockbuster quarterly results and lifted its annual revenue forecast.
The numbers also indicate that one of the success stories during the coronavirus pandemic is turning its huge free-user base into hard cash.
Chief Financial Officer Kelly Steckelberg said Zoom revenue grew so quickly that it was hard to keep investing at the same pace.
The top-growing sectors for the company during its second quarter were education, non-profits, manufacturing ...
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