The firm's ARK Innovation ETF purchased 157,233 shares, valued at approximately $45.5 million as of Tuesday's close, while the ARK Next Generation ETF purchased 36,847 shares, valued at approximately $11 million as of Tuesday's close.
|ZM||ZOOM VIDEO COMMUNICATIONS, INC.||278.70||-1.09||-0.39%|
The move came as Zoom signaled a slowdown in its earnings results on Tuesday, sending shares plunging as much as 17%.
"We had expected that [a slowdown] towards the end of the year, but it's just happened a little bit more quickly than we expected," Zoom CFO Kelly Steckelberg told analysts on the company’s second-quarter earnings call.
Customer churn is beginning to pick up at businesses with less than 10 employees. At the same time, annual growth in customers with more than 10 employees slowed to 36.4% year over year from 87.3% the prior quarter.
Zoom's quarterly revenue surged 54% year over year to a record of $1.02 billion. However, that was well below the 191% growth in the previous quarter and the 355% growth experienced during the height of the pandemic.
Profit in the three months through July 31 was up 70% year over year to $317 million. Both numbers were ahead of Wall Street estimates.
Looking ahead, Zoom sees annual revenue of $4.01 billion to $4.02 billion, up slightly from the previous estimate of $3.98 billion to $3.99 billion. Adjusted profit is forecast to be between $4.75 and $4.79 a share, compared with its previous range of $4.56 to $4.61 a share.
Fox Business' Jonathan Garber contributed to this report