Zoom shares fall more than 4% as company reveals higher-than-expected cloud costs.
on Tuesday, and nearly doubled its revenue guidance for the full year, as the coronavirus pandemic drove millions of new customers to the video calling service and turned it into a household name.
The company also significantly increased its guidance for the fiscal year. It now expects $1.21 to $1.29 in adjusted earnings per share on $1.78 billion to $1.80 billion in revenue. In March, it had forecast 42 cents to 45 cents in EPS on $905 million to $915 million in revenue. In keeping with its previous practices, the company did not disclose active user numbers. However, Bernstein analysts Zane Chrane and Michelle Isaacs, who have the equivalent of a buy rating on Zoom stock, estimated that the Zoom's mobile app had 173 million monthly active users as of May 27, up from 14 million on March 4, citing data from app-analytics company Apptopia.
"Moving forward, as we build additional capacity in our own data centers, we expect to gain some efficiencies, bringing gross margin back toward the mid-70s in the next several quarters ahead," Steckelberg said, adding that the company expects to increase capital expenditures for data center equipment.
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