Shares of Zoom Video Communications Inc. (NASDAQ:ZM) slid during Monday’s after hours session following the release of the company’s Q4 earnings beat and weak Q1 guidance.
Management highlighted fourth quarter total revenue of $1,071.4 million, a 21% year-over-year increase helping to drive the total fiscal year revenue to a 55% year-over-year growth to $4,099.9 million. Additionally, fourth quarter non-GAAP income from operations increased 16% year-over-year to $420.3 million which totaled the full year non-GAAP income from operations to $1,657.1 million, a 69% year-over-year increase. In particular, the company announced the authorization to repurchase up to $1.0 billion of Zoom’s Class A common stock.
