Why did zoom stock drop today – none:. Zoom Stock Extends Fall Amid Fears Growth Could Be Worse Than Advertised
Zoom Video Communications Inc. continued its streak of delivering better-than-expected earnings, but the company’s stock plunged amid. Non-GAAP net income for the first quarter was $ million, after adjusting for stock-based compensation expense and related payroll. Zoom shares fell more than 15% in pre-market trading Tuesday, tanking the company’s market capitalization to about $86 billion and wiping out.
Why did zoom stock drop today – none:. Why Zoom Shares Are Falling
Shares of Zoom found themselves under strong pressure after the company released its third-quarter results. The company has also provided guidance for Q4 fiscal year and full fiscal year This means that Zoom stock remains expensive even after the massive pullback from historic highs.
Current analyst consensus implies no growth on the earnings side, which is bearish for a growth stock which is trading at a rich valuation. While the company tries to position itself for a hybrid work model in the post-pandemic work, it is not clear whether the market will be patient in case the company does not show material growth in the upcoming quarters.
At this point, it looks that the risks of additional multiple compression remain elevated. In the near term, the stock may find some buyers as its RSI is close to the extremely overbought territory. In the longer-term, the company needs to come up with positive catalysts or its stock will remain under pressure. This article was originally posted on FX Empire.
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Dow 30 32, Nasdaq 12, Russell 1, Crude Oil Gold 1, Silver CMC Crypto FTSE 7, Nikkei 27, Read full article. More content below. Vladimir Zernov. In this article:. Zoom Stock Falls On Growth Concerns Shares of Zoom found themselves under strong pressure after the company released its third-quarter results. Story continues.
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