Zoom sales growth slows as more people return to work
Zoom Video Communications sales growth slowed last quarter as the extra demand for remote work and the company’s video-conferencing application eased, along with a pullback in the Covid-19 pandemic.
The San Jose, Calif.-based company said its sales rose 35% from a year earlier to $1.05 billion for the three months ended Oct. 31. In the previous quarter, the company’s sales rose 54%. A year earlier, its sales jumped more than 360%.
Zoom’s net income for what is its fiscal third quarter rose more than 70% from a year earlier of $340 million. Wall Street analysts were projecting sales of $1.02 billion for the quarter and $337 million in net income.