Zoom Video Communications Inc (NASDAQ:ZM) stock fell 5.51% (As on Mar 1, 12:01:49 AM UTC-4, Source: Google Finance) after the company forecast full-year revenue and profit below Wall Street estimates on Monday, signaling a hit from tough competition and lower sign ups for its core Meetings platform. The non-GAAP income from operations for the fourth quarter was $420.3 million, up from $360.9 million in the fourth quarter of fiscal year 2021. For the fourth quarter, non-GAAP operating margin was 39.2%. Total cash, cash equivalents, and marketable securities, excluding restricted cash, as of January 31, 2022 was $5,419.3 million. Net cash provided by operating activities was $209.4 million for the quarter, compared to $399.4 million in the fourth quarter of fiscal year 2021. Adjusted free cash flow was $273.6 million, compared to $377.9 million in the fourth quarter of fiscal year 2021.

ZM in the fourth quarter of FY 22 has reported the adjusted earnings per share of $1.29, beating the analysts’ estimates for the adjusted earnings per share of $1.06. The company had reported the adjusted revenue growth of 21 percent to $1.07 billion in the fourth quarter of FY 22, beating the analysts’ estimates for revenue of $1.05 billion, according to Refinitiv. At the end of the fourth quarter of fiscal year 2022, Zoom had 2,725 customers contributing more than $100,000 in trailing 12 months revenue, up approximately 66% from the same quarter last fiscal year. There are approximately 509,800 customers with more than 10 employees, up approximately 9% from the same quarter last fiscal year. A trailing 12-month net dollar expansion rate for customers with more than 10 employees was of approximately 129%.

The company forecast 2023 annual adjusted profit of between $3.45 and $3.51 per share, compared with estimates of $4.41 per share, according to IBES data from Refinitiv. It also expects full-year revenue to be in the range of $4.53 billion to $4.55 billion, below expectations of $4.71 billion. 2023 non-GAAP income from operations is expected to be between $1.430 billion and $1.450 billion.

For the first quarter of fiscal year 2023, the total revenue is expected to be between $1.070 billion and $1.075 billion and non-GAAP income from operations is expected to be between $345.0 million and $350.0 million. First quarter non-GAAP diluted EPS is expected to be between $0.86 and $0.88.