Why Zoom Video Communications Stock Got Crushed Tuesday Morning
Shares of Zoom Video Communications (NASDAQ: ZM) slumped on Tuesday, falling as much as 14.9%. As of 10:52 a.m. ET, the stock was still down 12.47%.
The catalyst that sent the teleconferencing stock lower was the company's quarterly financial report, which was a mixed bag.
For the fiscal 2023 second quarter (ended July 31), Zoom reported revenue of $1.1 billion, up 8% year over year -- its fifth consecutive quarter of at least $1 billion in sales. However, the company cited the strengthening dollar as weighing on its revenue growth, causing non-GAAP earnings per share (EPS) of $1.05, down 23%.
Source Fool.com
