Zoom video conferencing service grows beyond expectations
The video conferencing service Zoom has continued to grow its business even after the end of the coronavirus boom. Revenue increased by 2.6 percent year-on-year to around 1.15 billion US dollars in the past quarter, as Zoom announced after the close of trading on Monday.
Analysts had expected an average of 1.13 billion dollars. The bottom line was a profit of 299 million dollars after a loss of 104 million dollars in the previous year.
Zoom grew explosively during the coronavirus pandemic with working and learning from home. In the meantime, however, many companies have at least partially returned to office-based operations. In this situation, Zoom is trying to cover the broader communication needs of its customers, including voice telephony.
The figures and the business outlook gave investors new confidence: the share price rose by around eleven percent at times in after-hours trading. Zoom also announced a share buyback with a volume of 1.5 billion dollars. (SDA/swi)
