Skip to main content

Advertisement

Advertisement

Business

Zoom beats quarterly revenue estimates on hybrid work boost

Zoom beats quarterly revenue estimates on hybrid work boost

FILE PHOTO: Small toy figures are seen in front of Zoom logo in this illustration picture taken March 15, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

Zoom Video Communications Inc beat analysts' estimates for quarterly revenue on Monday as demand remained strong for its video-conferencing service from more companies embracing hybrid work.

After riding a pandemic-driven boom last year, Zoom has tried to maintain growth by doubling down on its cloud-calling service for enterprises in a direct challenge to Cisco, Microsoft Teams and Salesforce's Slack.

It has also tried to win user confidence by improving the privacy of the platform after reports of Zoombombing, or incidents in which uninvited users crashed into conversations.

Revenue in the second quarter ended Jul 31 rose 54 per cent to US$1.02 billion, beating analysts' average estimate of US$991 million, according to Refinitiv data.

Net income attributable to common stockholders rose to US$316.9 million, or US$1.04 per share, from US$185.7 million, or 63 cents per share, a year earlier.

Shares of Zoom were down 2 per cent in extended trading.

 

Source: Reuters

Advertisement

Also worth reading

Advertisement