Zoom Video Communications Inc (NASDAQ: ZM) just reported market-beating results for its fiscal third quarter. Its shares are up slightly in extended hours.

Investors look content also because the management raised its guidance for fiscal 2024 as well.  

In Q3, we bolstered Zoom’s all-in-one intelligent collaboration platform, with advanced new capabilities like Zoom AI Companion, and continues to evolve our engagement solutions.

Last week, Matthew Harrigan – a Benchmark Research analyst agreed that Zoom stock was undervalued but said it was unlikely to gain traction until revenue growth picks up again.  

On Monday, Zoom Video Communications reported a 13.5% annualised growth in the number of customers who contributed over $100,000 in revenue in the trailing twelve months. Its Chief Executive also said today:

We are pleased with our online business, where we drove higher retention and saw usage of four new AI capabilities, enhancing the value of our platform.

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