Zoom raises revenue forecast as demand for its AI tools in hybrid work rises

Driven by strong demand for its AI-powered collaboration tools deployed in hybrid work models, Zoom Video Communications has raised its annual revenue forecast. Shares of the video-conferencing provider were trading 3 per cent higher after the bell. Additionally, Kelly Steckelberg would step down as its CFO. Zoom has been doubling down on its efforts to integrate artificial intelligence into its products and expand its range of services and leverage the growing trend of hybrid work.

Zoom Contact Center, the company's AI-powered, omnichannel platform that provides businesses personalised responses for their customers, secured several high-profile clients, including its largest single-order deal to date in the second quarter.

According to Zoom, large accounts, with customers contributing more than $100,000 in trailing 12-month revenue, increased 7.1 per cent.

Zoom has also begun a search for Steckelberg's successor. Her last day of work with the company will be the day after it announces earnings for the quarter ending Oct. 31. Steckelberg has been Zoom's CFO since 2017 and led the company through its successful IPO in 2019.

The company expects fiscal 2025 revenue to be between $4.63 billion and $4.64 billion, compared with the $4.61 billion and $4.62 billion forecast earlier. Its second-quarter revenue of $1.16 billion beat LSEG estimates of $1.15 billion.