Zoom Video Zooms Higher As Earnings Again Top Estimates
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Zoom Video Zooms Higher As Earnings Again Top Estimates

The video conferencing company was a prime beneficiary of the Covid-19 pandemic as many workers and students stayed at home.

By Eric J. Savitz
Tue, Mar 2, 2021 12:25amGrey Clock 2 min

Zoom Video Communications posted better-than-expected results for its fiscal fourth quarter, ended Jan. 31, and stronger-than-expected guidance, driving the stock sharply higher in after-hours trading.

The video conferencing company, a prime beneficiary of the Covid-19 pandemic as many workers and students stayed at home for the last year, reported revenue for the quarter of US$882.5 million, up 369% from a year earlier, with adjusted profits of US$365.4 million, or $1.22 a share. Under generally accepted accounting principles or GAAP, the company earned US$256.1 million, or 87 cents a share.

Zoom shares, which had rallied 9.7% to $409.66 in Monday’s regular session, gained another 9% in late trading to $446.63.

For the full year, Zoom had revenue of $2.65 billion, up 326%, with non-GAAP profits of $995.7 million, or $3.34 a share. The company finished the year with $4.2 billion in cash and short-term investments.

Zoom had projected revenue for the quarter of $806 million to $811 million, with non-GAAP profits of 77 to 79 cents a share. Management has predicted full-year revenue of between $2.575 billion and $2.58 billion, with non-GAAP profits of $2.85 to $2.87 a share.

The consensus call on Wall Street was for January quarter revenue of $811.8 million, with non-GAAP profits of 79 cents a share.

The company said it had 467,000 customers with more than 10 employees, up 33,400 from a year ago. Enterprise customers, those with annual revenue above $100,000, rose 355 to 1,644. Zoom Phone customers increased 269% year-over-year to 10,700.

The company’s financial guidance was higher than Wall Street expected, but still underlines the fact that growth will slow considerably from here as the world begins to get past the pandemic.

For the April quarter, Zoom is projecting revenue of $900 million to $905 million, with non-GAAP profits of 95 to 97 cents a share. The Street had been projecting revenue of $804.8 billion and profits of 72 cents a share.

For the full year ending in January 2022, the company expects revenue of $3.76 billion to $3.78 billion, up 42% from the previous year at the midpoint of the range, with non-GAAP profits of $3.59 to $3.65 a share.

The Street previously had been projecting fiscal year January 2022 revenue of $3.52 billion with non-GAAP profits of $2.96 a share.

“The fourth quarter marked a strong finish to an unprecedented year for Zoom,” CEO and founder Eric Yuan said in a statement. “As we enter [fiscal year] 2022, we believe we are well-positioned for strong growth with our innovative video communications platform, on which our customers can build, run, and grow their businesses; our globally recognized brand; and a team ever focused on delivering happiness to our customers.”

Piper Sandler analyst James Fish noted in a brief research note published Monday after earnings that results came in above expectation on all metrics and that the full-year guidance suggested “the market dynamics remain strong” in cloud-based communications.

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How 20 Seconds Can Make You a Better Investor

Investors are taming impulsive money moves by adding a little friction to financial transactions

By IMANI MOISE
Tue, Mar 14, 2023 4 min

To break the day-trading habit that cost him friendships and sleep, crypto fund manager Thomas Meenink first tried meditation and cycling. They proved no substitute for the high he got scrolling through investing forums, he said.

Instead, he took a digital breath. He installed software that imposed a 20-second delay whenever he tried to open CoinStats or Coinbase.

Twenty seconds might not seem like much, but feels excruciating in smartphone time, he said. As a result, he checks his accounts 60% less.

“I have to consciously make an effort to go look at stuff that I actually want to know instead of scrolling through feeds and endless conversations about stuff that is actually not very useful,” he said.

More people are adding friction to curb all types of impulsive behaviour. App-limiting services such as One Sec and Opal were originally designed to help users cut back on social-media scrolling.

Now, they are being put to personal-finance use by individuals and some banking and investing platforms. On One Sec, the number of customers using the app to add a delay to trading or banking apps more than quintupled between 2021 and 2022. Opal says roughly 5% of its 100,000 active users rely on the app to help spend less time on finance apps, and 22% use it to block shopping apps such as Amazon.com Inc.

Economic researchers and psychologists say introducing friction into more apps can help people act in their own best interests. Whether we are trading or scrolling social media, the impulsive, automatic decision-making parts of our brains tend to win out over our more measured critical thinking when we use our smartphones, said Ankit Kalda, a finance professor at Indiana University who has studied the impact of mobile trading apps on investor behaviour.

His 2021 study tracked the behaviour of investors on different platforms over seven years and found that experienced day traders made more frequent, riskier bets and generated worse returns when using a smartphone than when using a desktop trading tool.

Most financial-technology innovation over the past decade focused on reducing the friction of moving money around to enable faster and more seamless transactions. Apps such as Venmo made it easier to pay the babysitter or split a bill with friends, and digital brokerages such as Robinhood streamlined mobile trading of stocks and crypto.

These innovations often lead customers to trade or buy more to the benefit of investing and finance platforms. But now, some customers are finding ways to slow the process. Meanwhile, some companies are experimenting with ways to create speed bumps to protect users from their own worst instincts.

When investing app Stash launched retirement accounts for customers in 2017, its customer-service representatives were flooded with calls from panicked customers who moved quickly to open up IRAs without understanding there would be penalties for early withdrawals. Stash funded the accounts in milliseconds once a customer opted in, said co-founder Ed Robinson.

So to reduce the number of IRAs funded on impulse, the company added a fake loading page with additional education screens to extend the product’s onboarding process to about 20 seconds. The change led to lower call-centre volume and a higher rate of customers deciding to keep the accounts funded.

“It’s still relatively quick,” Mr. Robinson said, but those extra steps “allow your brain to catch up.”

Some big financial decisions such as applying for a mortgage or saving for retirement can benefit from these speed bumps, according to ReD Associates, a consulting firm that specialises in using anthropological research to inform design of financial products and other services. More companies are starting to realise they can actually improve customer experiences by slowing things down, said Mikkel Krenchel, a partner at the firm.

“This idea of looking for sustainable behaviour, as opposed to just maximal behaviour is probably the mind-set that firms will try to adopt,” he said.

Slowing down processing times can help build trust, said Chianoo Adrian, a managing director at Teachers Insurance and Annuity Association of America. When the money manager launched its online retirement checkup tool last year, customers were initially unsettled by how fast the website estimated their projected lifetime incomes.

“We got some feedback during our testing that individuals would say ‘Well, how did you know that already? Are you sure you took in all my responses?’ ” she said. The company found that the delay increased credibility with customers, she added.

For others, a delay might not be enough to break undesirable habits.

More people have been seeking treatment for day-trading addictions in recent years, said Lin Sternlicht, co-founder of Family Addiction Specialist, who has seen an increase in cases since the start of the pandemic.

“By the time individuals seek out professional help they are usually experiencing a crisis, and there is often pressure to seek help from a loved one,” she said.

She recommends people who believe they might have a day-trading problem unsubscribe from notifications and emails from related companies and change the color scheme on the trading apps to grayscale, which has been found to make devices less addictive. In extreme cases, people might want to consider deleting apps entirely.

For Perjan Duro, an app developer in Berlin, a 20-second delay wasn’t enough. A few months after he installed One Sec, he went a step further and deleted the app for his retirement account.

“If you don’t have it on your phone, [that] helps you avoid that bad decision,” he said.

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