ZOOM earnings beat expectations

ZOOM earnings beat expectations

ZOOM was on a roll in Q3

ZOOM, which became Microsoft’s rival in the communication sector since the pandemic started – posted Q3 2021 earnings that came in higher-than-expected.

In Q3, ZOOM reported an adjusted EPS of 99 cents, topping the 76 cents forecasted. The revenue came in higher than the $694 million consensus at $777.2 million. On an annualized basis, the company revenue grew 367%, as the pandemic pushed more and more people to work from home.

According to ZOOM, more than 80% of its revenue came from the 629% increase in subscriptions reported in Europe, the Middle East, Africa, and the Asia-Pacific region. In the Americas, it reported a 300% increase from last year’s numbers.

For the future, ZOOM believes that its adjusted EPS will reach a high of 79 cents on revenues of $811 million. The market is looking for an EPS of 66 cents and $730.1 million in revenue. Moreover, it will already be integrated into home-devices made by Amazon, Facebook, and Google.

Since the beginning of the year, ZOOM stock price gained 591%, while USA500 added 12%.

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Sources: cnbc.com, finance.yahoo.com

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