Zoom boosts outlook with move beyond video calls

The company has missed out on a major tech rally, with the stock declining about 1% this year.

Zoom reported total revenue increased 3.6% to $1.14bn.

Zoom Video Communications raised its annual forecasts, a sign of progress on its effort to sell more products to large enterprise customers. The shares gained about 4% in extended trading.

Revenue for the year ending in January 2024 will be as much as $4.5bn (€4.1bn), the company said Monday in a statement. In May, Zoom projected annual sales of about $4.48bn. Annual earnings, excluding some items, will be $4.63 to $4.67 a share, compared with a previous forecast of $4.25 to $4.31.