Zoom beats quarterly revenue estimates

By Thomson Reuters Feb 26, 2024 | 3:15 PM

(Reuters) -Zoom Video Communications beat market expectations for quarterly revenue on Monday, helped by strong demand for its expanding product portfolio as more employers embrace hybrid work models, sending its shares up about 11% in extended trading.

Revenue for the fourth quarter stood at $1.15 billion, beating an estimate of $1.13 billion, according to LSEG data.

The results indicate Zoom’s attempts to integrate artificial intelligence (AI) into its products and diversify its portfolio have paid off, as the video-conferencing provider takes advantage of a surge in hybrid working.

(Reporting by Zaheer Kachwala in Bengaluru; Editing by Pooja Desai)