Africa-Press – Tanzania. Zoom Video Communications reported fiscal fourth-quarter net income of nearly $300 million, recovering from losses recorded last year, according to its financial results statement released Monday.
The American video-conferencing provider saw a net income of $298.8 million attributable to common stockholders for the three months ended Jan. 31, after seeing a net loss of $104 million in the same period of the previous year.
Revenue climbed to almost $1.15 billion from less than $1.12 billion during the period.
Eric Yuan, Zoom’s founder and CEO, said the company introduced Zoom AI Companion, its generative artificial intelligence digital assistant in the 2024 fiscal year.
“We’re committed to democratizing AI accessibility, offering it to all our customers regardless of business size, included at no extra charge with a paid license,” he added.
Zoom’s stock price soared 10.36% to $69.66 per share in after-hours trading on the Nasdaq after closing Monday at $63.12 a share. The company’s market value stood at $19.2 billion.
The company said earlier this month that it will cut about 2% of its workforce and focus on AI. Last February, it cut approximately 1,300 jobs, or around 15% of its workforce.
For More News And Analysis About Tanzania Follow Africa-Press
