Zoom Video Communications’ shares fell 7 per cent in after-hours trading on Monday after the company reported an 86 per cent yearly drop in its fiscal third-quarter net income.
The company’s net profit attributable to common stockholders in the three months to the end of October plunged to $48.4 million, from $340.3 million in the same period a year earlier, the Nasdaq-listed company said in a statement on Monday.
After seeing its stock price soar during the pandemic, Zoom's share price has been on the decline as economies reopened. Its share price is down more than 56 per cent since the start of this year.
Revenue for the August-October period rose 5 per cent on an annual basis to more than $1.10 billion, matching analysts’ expectations. It was the company’s sixth straight quarter with revenue of more than $1 billion.
“Our customers are increasingly looking to Zoom to help them enable flexible work environments and empower authentic connections and collaboration,” Zoom’s founder and chief executive Eric Yuan said.
“Proactively addressing these needs with Zoom's expanding platform continues to be our focus in this dynamic environment."
The company's enterprise division helped drive revenue in the third quarter, Mr Yuan said.
Zoom shares, which were trading at $80.26 at the close of market on Monday, dropped to $74.36 in extended-hours trading.
The company’s stock has dropped more than 56 per cent since the start of the year.
Its enterprise arm’s revenue increased 20 per cent on an annual basis to $614.3 million, while its online sales dropped 9 per cent to $487.6 million.
Zoom said its third-quarter revenue growth was mainly driven by “acquiring new customers and expanding across existing customers”.
At the end of the third quarter, Zoom had about 209,300 enterprise customers, up 14 per cent on a yearly basis.
The company also lowered its revenue outlook for the current quarter and the full financial year, compared with the previous forecast announced in August.
Fourth-quarter revenue was forecast in the range of $1.09 billion and $1.10 billion, while full-year revenue is expected to be between $4.37 billion and $4.38 billion – about 6.8 per cent more than its financial earnings in the last financial year.
Zoom’s total cash, cash equivalents and marketable securities, excluding restricted cash, stood at $5.2 billion as of October 31.
Our customers are increasingly looking to Zoom to help them enable flexible work environments and empower authentic connections
Eric Yuan,
Zoom’s founder and chief executive
The total net cash provided by operating dropped to $295.3 million for the third quarter, compared to $394.6 million in the same period of last financial year.
The company said its free cash flow, which is net cash provided by operating activities less purchases of property and equipment, dropped 27.2 per cent year on year to $272.6 million.
Zoom, which became an essential service for office meetings and family gatherings during the Covid-19 pandemic, invested $195.9 million in research and development in the three months to October31, almost 98.9 per cent more than the prior year period.
This was more than 17.7 per cent of the total revenue earned during the quarter.
To try to attract new customers, the company announced a range of new products at Zoomtopia 2022, the company’s annual event, this month.
With new Zoom Mail and Calendar Clients, users no longer need to leave the Zoom platform to access their email and calendar.
Email and calendar services will be integrated directly into Zoom, meaning users can quickly access their communications and scheduling.
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
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LIST OF INVITEES
Shergo Kurdi (am)
Rayhan Thomas
Saud Al Sharee (am)
Min Woo Lee
Todd Clements
Matthew Jordan
AbdulRahman Al Mansour (am)
Matteo Manassero
Alfie Plant
Othman Al Mulla
Shaun Norris
How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
WandaVision
Starring: Elizabeth Olsen, Paul Bettany
Directed by: Matt Shakman
Rating: Four stars
The specs
Engine: 2.0-litre 4-cyl, 48V hybrid
Transmission: eight-speed automatic
Power: 325bhp
Torque: 450Nm
Price: Dh359,000
On sale: now
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
UAE currency: the story behind the money in your pockets
