Zoom beats quarterly revenue estimates

Zoom Video Communications beat estimates for third-quarter revenue on Monday benefiting from the launch of its new offerings as the video-conferencing platform tries to retain users who have started returning to offices and schools.

Shares of the company rose 6.4% to $257.87 in extended trading.

Zoom has been able to maintain the momentum it gained during the pandemic, although it had warned of slowing revenue growth after the second quarter as more people head back to offices and schools.

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Its recently launched Events platform, where businesses can host large-scale conferences, coupled with Zoom Phone and Zoom Rooms helped the company compete better with rival platforms such as Microsoft Teams, Cisco Webex as well as Slack.

The company's revenue rose 35% to $1.05 billion in the third quarter ended Oct. 31, compared with analysts' estimates of $1.02 billion, according to Refinitiv data.

Net income attributable to common stockholders in the quarter was $340.3 million, or $1.11 per share, up from $198.4 million, or 66 cents per share, a year earlier.

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