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Tags: Money | Zoom | hybrid work | videoconference | Microsoft Teams | Skype

Zoom Beats Quarterly Revenue Estimates on Hybrid Work Boost

Zoom IPO
Zoom executives at 2019 IPO. (AP)

Monday, 30 August 2021 04:26 PM

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 July 31 rose 54% to $1.02 billion, beating analysts' average estimate of $991 million, according to Refinitiv data.

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

Shares of Zoom were down 2% in extended trading.

(Reporting by Eva Mathews in Bengaluru; Editing by Aditya Soni)

© 2021 Thomson/Reuters. All rights reserved.


StreetTalk
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.
Zoom, hybrid work, videoconference, Microsoft Teams, Skype
155
2021-26-30
Monday, 30 August 2021 04:26 PM
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