Zoom beats quarterly revenue estimates
A 3D printed Zoom logo is placed on the keyboard in this illustration taken April 12, 2020. REUTERS/Dado Ruvic/Illustration/Files
Zoom Video Communications beat estimates for third-quarter revenue on Monday benefiting from the launch of its new offerings as the video-conferencing platform tries to retain users who have started returning to offices and schools.
Shares of the company rose 6.4per cent to US$257.87 in extended trading.
Zoom has been able to maintain the momentum it gained during the pandemic, although it had warned of slowing revenue growth after the second quarter as more people head back to offices and schools.
Its recently launched Events platform, where businesses can host large-scale conferences, coupled with Zoom Phone and Zoom Rooms helped the company compete better with rival platforms such as Microsoft Teams, Cisco Webex as well as Slack.
The company's revenue rose 35per cent to US$1.05 billion in the third quarter ended Oct. 31, compared with analysts' estimates of US$1.02 billion, according to Refinitiv data.
Net income attributable to common stockholders in the quarter was US$340.3 million, or US$1.11 per share, up from US$198.4 million, or 66 cents per share, a year earlier.
(Reporting by Akash Sriram and Eva Mathews in Bengaluru; Editing by Amy Caren Daniel)
