Zoom Communications Stock Falls 7%

(RTTNews) - Zoom Communications, Inc. (ZM) shares fell $7.19, or 7.12 percent, to $93.73 on Wednesday, despite the company reporting higher second-quarter earnings and revenue.

The stock opened at $95.00 and traded between $93.65 and $98.36. It has traded in a 52-week range of $70.70 to $114.74 on the Nasdaq. Trading volume reached 2.81 million shares, compared with an average daily volume of 3.61 million shares.

Net income increased to $1.542 billion, or $5.15 per share, from $358.59 million, or $1.16 per share, a year earlier. Adjusted earnings were $464.01 million, or $1.55 per share. Revenue rose 4.9 percent to $1.277 billion from $1.217 billion.

For the next quarter, Zoom expects adjusted EPS of $1.46 to $1.48 and revenue of $1.275 billion to $1.280 billion. Full-year revenue is expected at $5.085 billion to $5.095 billion, with adjusted EPS of $6.08 to $6.12.