Zoom doubles full-year revenue forecast on remote-work boost following coronavirus

File photo showing a sign for Zoom Video Communications ahead Nasdaq IPO in New York. (AP)

Zoom Video Communications Inc nearly doubled its expectations for annual sales on Tuesday, riding on a surge in usage of its video conferencing platform due to coronavirus-driven lockdown measures globally.

Zoom, which has transformed from a business-oriented teleconferencing tool to global video hangout during the pandemic, had come under fire over privacy and security issues, forcing it to roll out major upgrades on the platform.

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However, the latest quarterly report shows the issue had little impact on its numbers. The company said it now has about 265,400 customers with more than 10 employees, a near four-fold increase from a year earlier.

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Zoom also reported first-quarter revenue of $328.2 million, beating analysts’ estimates of $202.7 million, according to IBES data from Refinitiv.

The company raised its full-year revenue forecast to a range of $1.78 billion to $1.80 billion from $905.0 million to $915.0 million estimated previously. Analysts on average expected revenue of $935.2 million.

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Last Update: Wednesday, 03 June 2020 KSA 07:30 - GMT 04:30
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