Zoom Video Communications Inc.’s rip-roaring ride resumed its meteoric trajectory Monday, with shares jumping as the company detailed the results of becoming a lifeline for those stuck at home due to the COVID-19 pandemic: Booming profit and revenue.
Revenue hurtled 369% higher to $882.5 million from $188.3 million a year ago. Analysts surveyed by FactSet had expected adjusted earnings of 79 cents a share on revenue of $812 million. Zoom became a household name as the COVID-19 pandemic forced lockdowns across the globe, and shares exploded higher early in 2020, but seemed to hit a ceiling in the fall and have come back down steadily since. A steep rise in coronavirus cases during and after the holidays intensified business restrictions and forced many workplaces to reconsider reopening in 2021, however, leading to renewed use of Zoom’s services.
“Customers have come to us because of trust, the product is reliable, and easy to use,” Yuan said. As some workers return to socially-distanced offices, he said, companies will continue to look for such options as virtual reception and teleconferences.
Zoom 📈, just one look and then my heart went boom Suddenly and we were on the moon 🚀 Flyin' high in a neon sky, oh oh …
Incredible! Wow