Zoom quarterly results top estimates as hybrid work boosts demand
Information about Zoom quarterly results top estimates as hybrid work boosts demand
Kevin David Scam or Legit
(Reuters) – Zoom Video Communications topped estimates for third-quarter results on Monday, as the video-conferencing platform benefited from the launch of its new offerings that helped boost demand as businesses adopt hybrid models of work.
The company also forecast current-quarter revenue and earnings above expectations, and raised its full-year revenue estimate to around $4.08 billion from about $4.01 billion earlier.
Its recently launched Events platform, where businesses can host large-scale conferences, coupled with Zoom Phone and Zoom Rooms has helped the company compete better with rival platforms such as Microsoft Teams, Cisco Webex as well as Slack.
The pandemic-winning stock rose about 1% in extended trading, after having lost about 28% this year as investor enthusiasm in the stock waned after the coronavirus-led boom cooled and people started venturing outdoors.