Gelonghui 31 August (Zoom)(ZM.US) shares opened sharply lower today and are now down 15.88% at $282.31, with a temporary turnover of $2.891 billion, with a total market capitalization of $86.128 billion.
Zoom reported second-quarter revenue of $1.02 billion, up 54% from a year earlier, and net profit attributable to shareholders of $316 million, compared with $185 million in the same period last year. The company's revenue growth slowed this quarter compared with the previous quarter, and gave a growth guidance of just 31% for the next quarter.
After the Zoom performance, the target price was lowered by many big banks, UBSDeutsche Bank lowered its target price to $315 from $345; Deutsche Bank lowered its target price to $350 from $375; and Piper Sandler lowered its target price to $369 from $464.