Connect with us

Hi, what are you looking for?


Zoom Video stock price forms double-top ahead of Q2 earnings

Zoom Video (NASDAQ: ZM) stock price has recoiled recently as the recovery of American shares pause. The stock dropped to a low about $100, which was lower than July’s high of $123.90. This price is about 25% above the lowest level this year, giving it a market cap of over $29 billion.

Zoom Video earnings preview

Zoom Video is a leading technology company that provides video solutions to companies in all industries. The firm became extremely popular during the Covid-19 pandemic as companies shifted to working from home. It also became popular in industries like healthcare and education.

As a result, Zoom Video saw its annual revenue jump from about $622 million in 2019 to over $2.65 billion in 2020 and $4 billion in 2021. Most importantly, it became an extremely profitable company as its annual profit surged from $7.6 million in 2019 to over $25 million in 2020. Its profit rose to over $1.35 billion in 2021.

The Zoom Video stock price has underperformed in the past few months as investors worry about the company’s growth. It has collapsed by over 83% from its highest point in 2021.

The next key catalyst for the ZM share price will be the upcoming quarterly earnings scheduled for Monday. Analysts believe that the company’s revenue and earnings growth decelerated in the second quarter as companies slashed their tech spending.

Precisely, the median estimate is that the company’s revenue rose from $1.2 billion in Q1 to $1.12 billion in Q2. Its profit, on the other hand, is expected to have dropped from $1.03 to 93 cents in Q2. The stock will mostly react to the company’s forward guidance which will shed more light on the company’s growth prospects.

Zoom Video stock price forecast

The daily chart shows that the ZM stock price found a strong resistance at $123.54 in July. It struggled to retest this level during its recovery this month. At the same time, the shares have moved slightly below the 25-day moving average while the Relative Strength Index (RSI) moved below the neutral point at 50.

The stock is slightly above the neckline of the double-top pattern at $97.31. Therefore, because of this pattern, there is a likelihood that the stock will dip after it publishes its quarterly results. If this happens, the next key level to watch will be at $85.

The post Zoom Video stock price forms double-top ahead of Q2 earnings appeared first on Invezz.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like


    Solana (SOL/USD) is enormously underrated as a cryptocurrency project, even with its hiccups – including the latest exploit on one of the ecosystem apps....

    Editor's Pick

    The new eSIM infrastructure will help modernise the IoT connectivity market with fast, secure connections and reduced vendor lock-in. 1oT, a tech startup from...


    The latest Job Openings and Labor Turnover Survey from the Bureau of Labor Statistics shows the total number of job openings in the economy...


    U.S. District Court Judge Reed O’Connor recently ruled to uphold the rights of employers granted in the Religious Freedom Restoration Act, rather than uphold...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2023