Zoom forecasts quarterly profit below estimates

Aug 25 (Reuters) - Zoom ‌Communications forecast ​third-quarter ​profit below Wall Street expectations on Tuesday, signaling stiff competition ‌was squeezing the video-conferencing company even as ⁠it ramps up AI features on its services.

Shares ‌of the San Jose, ‌California-based company fell 3.8% in extended trading.

Here are more details:

• Zoom has been ​rolling out AI tools, including an AI Companion assistant, a meeting receptionist ⁠assistant and its suite of enterprise-focused AI features under "Zoom AI ​Services" to attract more customers.

• But the company has been facing stiff ​competition from rivals such ‌as Microsoft's Teams and Alphabet's Google Meet.

• Zoom forecast third-quarter revenue ⁠in the range of $1.275 billion to $1.28 billion, compared with analysts' average estimate of $1.28 billion, ⁠according to data compiled by LSEG.

• The company forecast ​third-quarter adjusted profit between $1.46 and $1.48 per share, below analysts' average estimate of $1.50 per share.

• The company ‌posted second-quarter revenue of $1.28 billion, above analysts' average estimate of $1.27 billion, ‌according to LSEG.

• Second-quarter adjusted profit ⁠per share came in ‌at $1.55, above ​analysts' average estimate of $1.48.

(Reporting by Anzar Mehraj in Bengaluru; Editing by Leroy ‌Leo)

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