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Zoom Video Communications Inc. (NASDAQ: ZM) reported third quarter financial results after the market close in the US on Monday.
The US communications technology company posted better-than-expected results for the quarter, topping both revenue and earnings per share (EPS) estimates.
Zoom reported revenue of $1.102 billion (an increase of 5% year-over-year) vs. $1.094 billion expected.
EPS reported at $1.07 per share vs. $0.832 per share estimate.
”Our customers are increasingly looking to Zoom to help them enable flexible work environments and empower authentic connections and collaboration. Proactively addressing these needs with Zoom’s expanding platform continues to be our focus in this dynamic environment. In Q3, we drove revenue above guidance with continued momentum in Enterprise. In addition, our non-GAAP operating income came in meaningfully higher than our outlook, setting us up to finish the year with full-year revenue growth, strong GAAP and non-GAAP profitability, and free cash flow that we expect to be at the high end of our range of $1 billion to $1.15 billion,” Eric S. Yuan, CEO of Zoom said in a letter to shareholders.
The company expects revenue of between $1.095 billion and $$1.105 billion in the fourth quarter.
Shares of Zoom were down by 1.69% on Monday, trading at $80.20 a share.
Zoom price targets
Zoom is the 691st largest company in the world with a market cap of $24.29 billion.
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Sources: Zoom Video Communications Inc., TradingView, MarketWatch, MetaTrader 5, Benzinga, CompaniesMarketCap
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