(MENAFN) Zoom Video Communications released its financial results statement on Monday, revealing a fiscal fourth-quarter net income of nearly USD300 million, marking a significant recovery from previous losses.

The American video-conferencing provider reported a net income of USD298.8 million attributable to common stockholders for the three-month period ending Jan. 31, compared to a net loss of USD104 million in the corresponding period of the prior year.

Revenue also increased, rising to nearly USD1.15 billion from less than USD1.12 billion during the same timeframe.

Eric Yuan, the founder and CEO of Zoom, announced the introduction of Zoom AI Companion, the company's generative artificial intelligence digital assistant, during the 2024 fiscal year.

"We're committed to democratizing AI accessibility, offering it to all our customers regardless of business size, included at no extra charge with a paid license," he further mentioned.

In after-hours trading on the Nasdaq, Zoom's stock price surged by 10.36 percent to reach USD69.66 per share, following a closing price of USD63.12 per share on Monday. This upward movement propelled the company's market value to USD19.2 billion.

Earlier this month, Zoom announced plans to reduce its workforce by approximately 2 percent as part of its strategic shift towards focusing on artificial intelligence (AI). This move echoes a similar initiative undertaken last February, during which the company slashed around 1,300 jobs, representing approximately 15 percent of its total workforce.

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