Shares of Zoom Video Communications Inc. plunged over 10% in the premarket session on Tuesday following the release of its corporate earnings, where the company lowered its full-year outlook.
Zoom benefited during the Covid-19 pandemic when lockdowns and other restrictions led many people to work from home. However, the rise of hybrid or in-person forms of work has been accompanied by a weakening of their online business. Net income attributable to common stockholders plummeted 86% year on year to $45.7 million, while diluted net income per share attributable to common stockholders was $0.15, compared to $1.04 a year ago.
The company's shares were down 10.87% at 5:28 am ET to sell for $86.83.
