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Zoom quarterly results top estimates as hybrid work boosts demand

Nov 22 (Reuters) – Zoom Video Communications (ZM.O) topped estimates for third-quarter results on Monday, as the video-conferencing platform benefited from the launch of its new choices that helped increase demand as companies undertake hybrid fashions of work.

The firm additionally forecast current-quarter income and earnings above expectations, and raised its full-year income estimate to round $4.08 billion from about $4.01 billion earlier.

Its just lately launched Events platform, the place companies can host large-scale conferences, coupled with Zoom Phone and Zoom Rooms has helped the corporate compete higher with rival platforms such as Microsoft (MSFT.O) Teams, Cisco (CSCO.O) Webex as properly as Slack.

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The pandemic-winning inventory rose about 1% in prolonged buying and selling, after having misplaced about 28% this yr as investor enthusiasm within the inventory waned after the coronavirus-led growth cooled and folks began venturing outdoor.

The firm has been making an attempt to transform its short-term pandemic good points into longer-term monetary returns by attracting enterprise clients towards the backdrop of a failed deal to amass cloud-based buyer contact software program agency Five9 (FIVN.O). learn extra

Zoom stated it had about 512,100 clients with greater than 10 staff on the finish of the quarter, which is an 18% bounce from a yr earlier.

The firm reported a revenue of $1.11 per share and income of $1.05 billion within the third quarter ended Oct. 31, beating Wall Street’s estimates for a revenue of $1.09 per share and income of $1.02 billion.

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Reporting by Akash Sriram and Eva Mathews in Bengaluru; Editing by Amy Caren Daniel

Small toy figures are seen in front of Zoom logo in this illustration picture taken March 15, 2021. REUTERS/Dado Ruvic/Illustration

A 3D printed Zoom logo is placed on the keyboard in this illustration taken April 12, 2020. REUTERS/Dado Ruvic/Illustration/Files

Small toy figures are seen in front of Zoom logo in this illustration picture taken March 15, 2021. REUTERS/Dado Ruvic/Illustration

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