Videoconferencing company Zoom is pinning its growth plans on investment in AI, after reporting its first fourth quarter net loss since 2018.
Reporting results on Monday, Zoom said it posted a net loss of $104 million for the fourth quarter of its fiscal 2023, ended January 31, compared to a profit of $490 million in the year-earlier period. Online revenue was also down 10% year over year to $481.7 million.
The loss was largely a result of stock-based compensation expenses. Otherwise, Zoom recorded fourth quarter total revenue of $1.1 billion, up 4% year over year, with total revenue for the fiscal year 2022 reported as $4.4 billion, up 7% year over year.