Zoom Video Communications beat Wall Street estimates for third-quarter profit as the video conferencing platform continued to benefit from strong demand from businesses.
The company reported adjusted earnings per share of $1.08, beating analysts’ expectations of $1.03. Revenue rose 3.6% to $1.14 billion, also above expectations of $1.12 billion.
Zoom’s CEO, Eric Yuan, noted that the company is “seeing continued strong demand for our platform from businesses of all sizes.” He added that Zoom is “well-positioned to continue to grow in the years to come.”
Zoom is also expanding its product offerings beyond video conferencing. The company recently launched a new product called Zoom Phone, which provides cloud-based phone service. Zoom is also developing new features for its video conferencing platform, such as the ability to record meetings and share files.
The sources for this piece include an article in Reuters.