Zoom Video Communications (NASDAQ: ZM) posted its latest earnings report on May 22. For the first quarter of fiscal 2024 (ended on April 30), the cloud-based video conferencing company's revenue grew 3% year over year to $1.11 billion and exceeded analysts' estimates by $30 million. Its adjusted net income increased 12% to $353 million, or $1.16 per share, which also cleared the consensus forecast by $0.17.

Zoom's growth rates seem stable, but its stock only rose slightly after the report and the price remains nearly 90% below its all-time high. Should investors buy this out-of-favor tech stock and expect it to bounce back over the next 12 months?

Image source: Zoom Video Communications.

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Source Fool.com