ASX to fall; Boral, Endeavour earnings ahead

Zoom Video Communications projected sales and profit for the current quarter that fell short of Wall Street’s estimates, suggesting tighter corporate budgets and increased competition are hurting growth at the enterprise software maker.Revenue will be about $US1.1 billion in the period ending in October, the San Jose, California-based company said Monday in a statement. Analysts, on average, expected $US1.

Zoom also reduced its annual sales forecast to about $US4.4 billion from its May projection of as much as $US4.55 billion. Zoom’s breakneck growth during the pandemic has cooled considerably as offices reopen and competition intensifies from Microsoft’s Teams video communications platform. Online sales to consumers and small businesses are expected to decline 7 per cent to 8 per cent this year, Chief Financial Officer Kelly Steckelberg said in remarks prepared for the company’s post-earnings conference call.

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