Video conferencing platform Zoom grows beyond expectations
Revenue increased by 2.6 per cent to around US$1.15 billion in the past quarter.
SAN JOSE - The US-based video conferencing service Zoom is continuing to grow its business even following the end of the explosive growth driven by the coronavirus pandemic, reported dpa news.
Revenue increased by 2.6 per cent( year-on-year) to around US$1.15 billion in the past quarter, Zoom said after the close of trading on Monday.
Analysts had expected an average of US$1.13 billion. The bottom line was a profit of US$299 million after a loss of US$104 million in the previous year.
Zoom experienced explosive growth during the pandemic which forced many to work and learn 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 business outlook gave investors new confidence: the share price rose by around 11 per cent at times in after-hours trading. Zoom also announced a share buyback totalling US$1.5 billion. - BERNAMA-DPA
