Zoom Video Communications Inc said on Monday that it would incorporate more artificial intelligence in with its products
and anticipated annual earnings beyond Wall Street projections, sending the company's stock up 8% in extended trade.
Experts expect that AI technology will be a significant engine of future development for the IT sector,
which has been dealing with declining demand due to recessionary concerns.
The AI battle accelerated last year as Microsoft-backed OpenAI's ChatGPT spurred Google Inc and China's Baidu Inc to reveal their own products.
According to Refinitiv data, Zoom forecasts fiscal 2024 earnings between $4.11 and $4.18 per share, compared to analysts' average expectation of $3.66 per share.