Technology
Zoom records decline despite exceeding revenue and profit forecasts
Zoom Video Communications, a US software company, released its financial results on Monday after the stock market's closing.
US software company Zoom Video Communications opens its books on Monday evening and surprises investors with a strong result. According to the company, revenues in the last quarter increased by 3.2 percent compared to the previous year, amounting to 1.14 billion dollars (1.04 billion euros).
This exceeded the average market expectations, which were rather at 1.12 billion dollars. The profit also impressed with an increase from 48.35 billion to 141.2 billion dollars.
Zoom experienced an explosive increase in demand during the Corona pandemic as more and more people had to work and learn from home. Although the growth rate later normalized, the company was successful in defending its position in the market against competitors such as Microsoft. By expanding its services for corporate customers, Zoom was able to further solidify its market position.
Zoom's stock price remained over 6 percent higher after the release of quarterly results in after-hours trading on NASDAQ. However, the price temporarily fell by 1.76 percent to $64.90 in pre-market trading.
The pleasing financial results of Zoom show that the company has adeptly adapted its strategy to the changing market conditions. In the future, Zoom will continue to hold a strong position in the industry and offer promising opportunities to investors.
