Zoom shares soar as earnings rocket

LONDON: Zoom shares soared on Monday after the video-meeting service reported that quarterly revenue rocketed as its ranks of users more than quadrupled.
The Silicon Valley-based company that has become a popular way to work, learn or socialize during the pandemic said it made a profit of $186 million on revenue of $663.5 million in the quarter that ended on July 31.
That compares with a net income of $5.5 million in the same quarter a year earlier.
“Organizations are shifting from addressing their immediate business continuity needs to supporting a future of working anywhere, learning anywhere, and connecting anywhere on Zoom’s video-first platform,” founder and chief executive Eric Yuan said in an earnings release. –Agencies