Zoom projects annual sales signalling growth after pandemic
NEW YORK (Bloomberg) -- Zoom Video Communications 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 (S$5 billion) in fiscal year 2022, the company said Monday (March 1) 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 Jan 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. Investors have feared the software maker couldn't continue the dramatic growth in 2020 that came as people forced home in coronavirus lockdowns connected remotely on the service to work, school, friends and family. While Zoom's stock jumped almost fivefold last year as it became one of the biggest beneficiaries of the pandemic, it had gained just 11 per cent during the first two months of 2021 before surging almost 10 per cent Monday to close at US$409.66 in New...
