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" width="602px" alt="what is zoom trading at"/>
Prior to founding Zoom, Yuan was corporate vice president of engineering at Cisco, and was a founding engineer and vice president of engineering for web and videoconferencing platform Webex. The U.S. government has been increasing its scrutiny of Zoom on several fronts. In 2020, the United States charged a China-based Zoom executive with conspiring to disrupt videoconference commemorations of the 1989 Tiananmen Square democracy protests. Zoom is also the focus of several ongoing federal investigations related to its dealings with Beijing, according to the Journal.
Unfortunately berkshire hathaway letters to shareholders for Zoom bulls, that “increase” is likely a one-time event. Zoom’s latest fiscal year (FY) was FY 2021, which ended Jan. 31, 2021. For that period, the company reported net income of $672.3 million on revenue of $2.7 billion. Ai16z is attempting to position itself as a prominent entity in the AI wave.
Industry
Bureau of Labor statistics released in January, 11% of workers were still teleworking as of December 2021. Zoom ended the last quarter with $5.4 billion in cash, cash equivalents, and marketable securities and only $97 million in debt. To that end, Zoom has recently introduced Zoom Phone, Zoom Meetings, Zoom Video Webinars, and Zoom for Home. All successful companies find ways to keep expanding their business in order to create new revenue streams and remain relevant in an ever-changing world.
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The one area How to buy bitcoin sv of modest strength is non-GAAP (adjusted) free cash flow, which increased almost 14% yearly to more than $1.1 billion in the first three quarters of 2023. That was not enough to persuade investors to buy Zoom stock, as it is up just 1% from year-ago levels. During that period, its net income of $339 million surged 63% higher. Still, operating income fell during that period, and much of the gain came from $114 million in “other income,” which consists of income from interest, foreign currency, and marketable securities.
Zoom Video Communications (ZM) Stock Drops Despite Market Gains: Important Facts to Note
While the growth has slowed when compared to the pandemic highs, it’s clear that Zoom is still executing and growing — and worth considering heading into 2022. Its rise to prominence and the resulting performance were tied to a massive need for video communications at the height of lockdowns. This demand pulled forward a ton of growth and warped some investors’ views of the company’s fundamentals. And yet the business performed solidly throughout the past few years even as the stock fell. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock’s expected earnings growth rate.
Because of this, it is helpful to take a look at Zoom’s performance as compared to 2019.
With 2026 just two years away, Ark Invest’s base case estimates are looking increasingly unlikely to come to pass, and it may even fall short of the $700-per-share bear case estimate.
More importantly, the growth in larger customers — those with more than 10 employees and those spending more than $100,000 in revenue — provides a large base to upsell new features and hardware options as Zoom’s offerings expand.
On Tuesday, Shaw “set her free” and endorsed the new ELIZA token, whose sanctioned creators have pledged to give a valuable chunk to ai16z’s treasury. The latest trading session saw Zoom Video Communications (ZM) ending at $77.75, denoting a -1.49% adjustment from its last day’s close. Elsewhere, the Dow saw a downswing of 0.28%, while the tech-heavy Nasdaq appreciated by 1.04%.
ZM’s industry had an average PEG ratio of 2.41 as of yesterday’s close. Zoom’s valuation has surely contracted, but it’s still not desirable when observing the company’s peer group. Today, Zoom is trading at 31.6 times earnings, whereas top competitors like Cisco (CSCO 1.72%), Microsoft (MSFT 1.00%), and Alphabet (GOOGL -1.71%) (GOOG -1.58%) are trading at price-to-earnings multiples of 20, 31, and 24, respectively. Given the expected slowdown in Zoom’s growth, I think it’s safe to say that the the laws that govern the securities industry company is still trading at expensive valuation multiples. Each of these initiatives are designed to expand the business beyond the simple videoconferencing app the company became known for. Zoom Phone was called out on the most recent earnings call as having triple-digit year-over-year revenue growth, showing these new initiatives are starting to pay off.
Admittedly, the company’s results have come nowhere close to matching that expected growth. In the first nine months of 2023, revenue of $3.4 billion increased by only 3% yearly. Ark Invest has backed estimates up by taking a significant position in the media stock. Zoom makes up almost 7% of its flagship fund, the Ark Innovation ETF, making the Cathie Wood investment its fourth-largest holding. Across all Ark Invest funds, Zoom makes up around 4.5% of the company’s holdings. The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988.