Zoom sets sights on AI development as it posts fourth-quarter loss

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.

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