Zoom's Shares Fall Despite 3Q Profit, Sales Beat
November 30 2020 - 5:06PM
Dow Jones News
By Kimberly Chin
Zoom Video Communications Inc.'s shares tumbled roughly 4% in
after-hours trading Monday to $458 despite topping profit and sales
expectations in the third quarter due to an increase in customers
who use the platform for remote work.
The videoconferencing company's net profit was $198.4 million,
or 66 cents a share, up from $2.2 million, or 1 cent a share, in
the year-ago quarter. Adjusted earnings were 99 cents a share.
Analysts polled by FactSet were expecting adjusted earnings of 76
cents a share.
Revenue more than quadrupled to $777.2 million from a year ago.
Analysts were looking for $693.6 million.
Total operating expenses more than doubled from a year earlier
to $326.2 million.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
November 30, 2020 16:51 ET (21:51 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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