Zoom slumps as video-conferencing company cuts sales forecast - BNN Bloomberg

Zoom Video Communications Inc. projected sales and profit for the current quarter that fell short of Wall Street’s estimates, suggesting tightening corporate budgets and increased competition are weighing on the enterprise software maker. The shares fell in extended trading.

For the full year, Zoom reduced its sales forecast to as much as US$4.4 billion from its May projection of as much as US$4.55 billion. Shares declined to a low of US$87 in extended trading after closing at US$97.44 in New York. The stock has dropped 47 per cent this year, and has missed out on the big rally in technology stocks since mid-June.

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