Business

Zoom forecasts fourth-quarter revenue above estimates

The company expects fourth-quarter revenue of between $806 million and $811 million, above estimates of $730.1 million, according to IBES Refinitiv data

Photo: Reuters/Dado Ruvic/Illustration

Reuters

30.Nov.2020 18:59 BRT

Zoom expects fourth-quarter revenue of between $806 million and $811 million, above estimates of $730.1 million;
Revenue for the third-quarter ended Oct. 31 surged 367% to $777.2 million, beating analysts’ average estimate of about $694 million.

Zoom forecast fourth-quarter revenue above expectations on Monday, as the COVID-19 pandemic-induced switch to work from home encouraged more users of its video conferencing service to sign up for paid subscriptions.

A relative upstart before the pandemic hit, Zoom quickly became a household name globally as a desperately needed, easy-to-use video conferencing platform for schools and offices forced to work remotely.

The company expects fourth-quarter revenue of between $806 million and $811 million, above estimates of $730.1 million, according to IBES Refinitiv data.

Revenue for the third-quarter ended Oct. 31 surged 367% to $777.2 million, beating analysts’ average estimate of about $694 million.

Net income attributable to common stockholders jumped to $198.4 million, or $66 per share, from $2.2 million, or 1 cent per share, a year earlier.