Zoom's Pandemic-Fueled Boom Continues
November 30 2020 - 5:07PM
Dow Jones News
By Aaron Tilley
Zoom Video Communications Inc. posted another quarter of record
sales and again lifted its outlook as remote working and distance
schooling drags on during the pandemic, driving heavy use of the
videoconferencing app.
Zoom on Monday reported sales of $777.2 million in the latest
quarter, up from $166.6 million a year earlier, as it posted a
profit of $198.4 million. Analysts surveyed by FactSet had expected
sales of $694 million and net income of $149 million for the three
months ended October 31.
"We remain focused on the communication needs of our customers
and communities as they navigate the current environment and adapt
to a new world of work from anywhere using Zoom," Chief Executive
Eric Yuan said. "We expect to strengthen our market position as we
finish the fiscal year," he added.
The company, which went public last year, raised its full-year
outlook for a third time during the pandemic, cementing its
position as one of the biggest corporate winners from the shift to
working from home and remote schooling.
Zoom said it now expects sales in the current financial year
ending in January to reach around $2.58 billion, up from the
previous quarter's guidance of sales reaching as much as $2.39
billion.
Zoom shares have surged amid the Covid-19 outbreak and are up
about sevenfold this year. But shares were down around 4% in
after-hours trading.
Write to Aaron Tilley at aaron.tilley@wsj.com
(END) Dow Jones Newswires
November 30, 2020 16:52 ET (21:52 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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