Zoom predicts the fourth strong current about work-from-home; rising shares

PHOTO FILE: Small toy figures in front of the Zoom diplayed logo can be seen in this photograph taken 19 March 2020. REUTERS / Dado Ruvic / Photo

(Reuters) – Zoom Video Communications forecasts revenue a quarter above expectations, as the video conferencing platform benefits more users as a result of remote operation and online learning against the background of wider stay-at-home orders.

The company’s shares, which were more than quadrupled in 2020, rose 9% to $ 448 in after-market trading on Monday.

Video conferencing services such as Zoom are benefiting from the adoption of hybrid work models with many businesses, part-office and part-time from home, that want its platform to go used to stay connected.

The company forecast average quarterly revenue of between $ 900 million and $ 905 million, compared to estimates of $ 829.2 million, according to IBES Refinitiv data.

Zoom users have increased in the past year, as more people used it for social communication, meaningful meetings and e – classes. The platform said it has 1,644 customers contributing more than $ 100,000 in 12-month revenue, more than double the previous year.

The company reported quarterly revenue of $ 882.5 million, compared to estimates of $ 811.8 million.

On a modified basis, the Zoom earned $ 1.22 per share, yielding estimates of 79 cents per share.

Reporting by Eva Mathews in Bengaluru; Edited by Shounak Dasgupta

.Source