Zoom forecasts strong current quarter on work-from-home; shares rise By Reuters

© Reuters. FILE PHOTO: Small toy figures are seen in front of diplayed Zoom logo

(Reuters) – Zoom Video Communications (NASDAQ:) forecast current-quarter revenue above expectations, as the video-conferencing platform benefits from increased users due to remote work and online learning against the backdrop of broader stay-at-home orders.

The company’s shares, which more than quadrupled in 2020, rose 9% to $448 in after-market trading on Monday.

Video conferencing services such as Zoom stand to benefit from the adoption of hybrid work models by many businesses, part work-from-office and part work-from home, that demand the usage of its platform to stay connected.

The company forecast current-quarter revenue between $900 million and $905 million, compared with estimates of $829.2 million, according to IBES Refinitiv data.

Zoom users have surged in the past year, as more people used it for socializing, virtual meetings and e-classes. The platform said it has 1,644 customers contributing more than $100,000 in trailing 12 months revenue, more than double from a year earlier.

The company reported quarterly revenue of $882.5 million, compared with estimates of $811.8 million.

On an adjusted basis, the Zoom earned $1.22 per share, beating estimates of 79 cents per share.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.


*