![]() But in fiscal 2024, it expects its adjusted operating margin to remain broadly stable year over year at about 36% as it reins in its spending. However, Zoom's adjusted operating margin still declined from 40.4% to 35.9% in fiscal 2023 as it ramped up its spending to attract and support more enterprise customers. Its 12-month net dollar expansion rate, which gauges its year-over-year revenue growth per existing customer, also came in at a healthy 115% among its enterprise customers. ![]() Zoom's gross margin also expanded by 60 basis points to 74.9% in fiscal 2023, which indicates it still has plenty of pricing power against aggressive competitors like Microsoft's Teams and Cisco's Webex.
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