Daily reviews

01.12.2020

Zoom revenue jumps over 350% in another blockbuster quarter

Zoom revenue jumps over 350% in another blockbuster quarter

The company increased its annual revenue goal to roughly $2.58 billion

Stocks impacted: Zoom Video Communications Inc. (ZM)

The video chat software provider reported its fiscal Q3 2021 earnings after the closing bell on Monday, with revenue surging a whopping 367% from a year ago for a second consecutive quarter. Zoom reported a third-quarter net income of $198.4 million, or 66 cents a share, on revenue of $777.2 million. Zoom predicts its revenue to top $800 million for the first time in the fourth quarter. The company also increased its annual revenue goal to roughly $2.58 billion. Growth in customers with more than 10 employees jumped 485% year-on-year. Despite impressive quarterly results and projections, Zoom stocks fell by more than 5% in after-hours trading. It was probably due to the fact that the company’s gross margin declined to 66.7% in the third quarter from 71% in the previous quarter and more than 80% before the pandemic. The company’s shares have grown by nearly 600% this year.

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