(Reuters) – Zoom Video Communications Inc (ZM.O) nearly doubled its expectations for annual sales on Tuesday, driven by a surge in users as more people work from home and connect with friends online during coronavirus lockdowns.
FILE PHOTO: Small toy figures are seen in front of diplayed Zoom logo in this illustration taken March 19, 2020. REUTERS/Dado Ruvic/Illustration
Shares of the San Jose, California-based company rose nearly 5% in extended trading after Zoom’s revenue and profit for the first quarter also beat estimates by a wide margin.
The company, which has transformed itself from a business-oriented teleconferencing tool to a global video hangout, had come under fire over privacy and security issues, prompting it to roll out major upgrades.
However, the latest quarterly report shows the company now has about 265,400 customers with more than 10 employees, a near four-fold increase from a year earlier.
The company competes with Cisco Systems Inc’s (CSCO.O) Webex,…
Source Reuters Tech News
Source link
