Zoom beats quarterly income estimates By Reuters
© Reuters. In this April 12, 2020 illustration, there is a 3D printed Zoom logo on the keyboard. REUTERS / Dado Ruvic / Illustration / Files
(Reuters) – Zoom video communication (NASDAQ 🙂 surpassed third-quarter revenue estimates on Monday and benefited from the launch of its new offerings as the video conferencing platform seeks to keep users who have started returning to offices and schools.
The company’s shares rose 6.4% in expanded trading to $ 257.87.
Zoom was able to maintain the momentum gained during the pandemic, despite warning of a slowdown in sales growth after the second quarter as more people return to offices and schools.
The recently launched event platform that allows companies to host large conferences, coupled with Zoom Phone and Zoom Rooms, helped the company better compete with competing platforms such as Microsoft (NASDAQ 🙂 Teams, Cisco (NASDAQ 🙂 Webex, and Slack.
The company’s revenue rose 35% to $ 1.05 billion for the third quarter ended October 31, compared to analyst estimates of $ 1.02 billion based on Refinitive data.
Net income attributable to common stockholders for the quarter was $ 340.3 million, or $ 1.11 per share, compared to $ 198.4 million, or 66 cents per share, a year earlier.
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