Zoom lifts annual revenue forecast on hybrid work boost
2023.11.20 16:23
© Reuters. Small toy figures are seen in front of Zoom logo in this illustration picture taken March 15, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) -Zoom Video Communications raised its annual revenue forecast on Monday, as hybrid work trends and the integration of artificial intelligence technology into its products boosted demand.
Shares of the San Jose, California-based firm rose more than 6% in trading after the bell.
The company has been seeing steady demand for its video-conferencing services with businesses favoring hybrid work models post the pandemic.
Platforms including Zoom (NASDAQ:), Microsoft (NASDAQ:)’s Teams and Cisco (NASDAQ:)’s Webex became household names during the pandemic as businesses and individuals turned to them for connecting with employees and friends.
Zoom now expects full-year revenue of between $4.506 billion and $4.511 billion, compared with an earlier forecast of $4.485 billion to $4.495 billion.
