Web meeting platform Zoom Video Communications (NASDAQ: ZM) reported a multi-fold surge in third-quarter revenues, reflecting the growing demand for remote conferencing services during the shutdown. Both the top-line and profit exceeded the market’s projection.
In the October-quarter, there was a three-fold growth in revenues to $777.2 million, compared to the year-ago period. Analysts had predicted slower growth.
The strong top-line performance translated into a sharp increase in adjusted earnings to $0.99 per share from $0.09 per share in the third quarter of 2020. Unadjusted profit climbed to $198.4 million or $0.66 per share from $2.2 million or $0.01 per share last year. Earnings also beat the consensus estimate.
Zoom’s stock has gained steadily since the beginning of the year and reached an all-time high in mid-October. In the past six months alone, its value more than doubled. The stock declined during Monday’s after-hours trading session, soon after the announcement.
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