Zoom Video Communications Inc reported better-than-expected quarterly revenue on Monday, helped by increased users on its video-conferencing platform for remote work and online learning against the backdrop of broader stay-at-home orders.
Zoom users have surged in the past year, fueled by its free platform that people turned to for socializing, virtual meetings and e-classes, with some users going for the paid version to avail more features.
Video conferencing services such as Zoom stand to benefit from the adoption of hybrid work models by many businesses, part work-from-office and part work-from home, that demand the usage of its platform to stay connected.
Zoom reported quarterly revenue of $882.5 million, compared with estimates of $811.8 million, according to IBES Refinitiv data.
Net income attributable to common stockholders rose to $260.4 million, or 87 cents per share, in the fourth quarter ended Jan. 31, from $15.3 million, or 5 cents per share, a year earlier.