Zoom jumps on AI bandwagon, forecasts upbeat 2024 profit targets

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Zoom jumps on AI bandwagon, forecasts upbeat 2024 profit targets
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Zoom Video Communications Inc said it will integrate more artificial intelligence into its products and forecast annual profit above Wall Street estimates, sending the company’s shares up 8 percent in extended trading. | Reuters

San Jose, California-based Zoom forecast fiscal 2024 profit between $4.11 and $4.18 per share, compared with analysts’ average estimate of $3.66 per share, according to Refinitiv data.

Zoom is also benefiting from steady demand for its video-conferencing service from the ongoing shift to hybrid work models and cost cuts. Earlier this month, it announced an about 15 percent reduction in its workforce.

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