SAN FRANCISCO: Zoom shares soared on Monday after the video-meeting service reported that quarterly revenue rocketed as its ranks of users more than quadrupled.
Zoom shares were up more than 22% in after-market trades that followed release of the earnings, which beat market expectations. The increase in customers built on a surge in the previous fiscal quarter, and appeared to offset investor concerns that Zoom’s popularity would decline when restrictions on movements ease and people can get back to seeing one another in person.
The pandemic has driven demand for virtual collaboration using the Zoom video conferencing platform, according to Yuan.It has taken heat over uninvited cyber guests disrupting online meetings with a tactic called “zoombombing”.