Zoom Video Communications’ revenue growth slowed in the quarter as additional demand for remote work and the company’s video conferencing application waned, along with a slump in the Covid-19 pandemic.
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The San Jose, California-based company said its revenue increased 35% from a year earlier to $1.05 billion for the three months ended Oct. 31. In the previous quarter, the company’s revenue increased by 54%. A year earlier, sales were up more than 360%.
Zoom’s net income for what is its fiscal third quarter was up more than 70% from a year earlier, at $340 million. Wall Street analysts forecast revenue of $1.02 billion for the quarter and net income of $337 million.
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For the current quarter ending in January, Zoom expects total revenue of between $1.051 billion and $1.053 billion, better than the $1.018 billion Wall Street expects, according to FactSet.
|ZM||ZOOM VIDEO COMMUNICATIONS, INC.||242.28||-9.02||-3.59%|
Zoom’s shares had changed little in after-hours trading near $242 a share.