Zoom expects sales to continue to grow in 2021 after pandemic

  • The US company’s large customer base tops analysts’ projections
  • Shares jump after revenue and profit also beat estimates

The logo of the social network application Zoom on the screen of a phone. Photo: AFP

Zoom Video Communications Inc projected annual revenue that would top analysts’ estimates, signalling the video meeting service expects to remain a ubiquitous presence in daily life even as the pandemic recedes. Shares jumped about 10 per cent extended trading.

Sales will be as much as US$3.78 billion in fiscal year 2022, the San Jose, California-based company said Monday in a statement. While the projected annual revenue growth of 43 per cent is far short of Zoom’s 326 per cent increase in the fiscal year ended January 31, it topped the 37 per cent average estimate of analysts, according to data compiled by Bloomberg. Profit, excluding some items, will be as much as US$3.65 a share. Analysts projected US$2.97.

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