Zoom Video: Fiscal 3Q Earnings Snapshot

SAN JOSE, Calif. (AP) _ Zoom Video Communications Inc. (ZM) on Monday reported fiscal third-quarter profit of $198.6 million.

The San Jose, California-based company said it had profit of 66 cents per share. Earnings, adjusted for stock option expense and costs related to mergers and acquisitions, came to 99 cents per share.

The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 75 cents per share.

The video-conferencing company posted revenue of $777.2 million in the period, also topping Street forecasts. Seven analysts surveyed by Zacks expected $694.5 million.

For the current quarter ending in January, Zoom Video expects its per-share earnings to range from 77 cents to 79 cents.

The company said it expects revenue in the range of $806 million to $811 million for the fiscal fourth quarter.

Zoom Video expects full-year earnings in the range of $2.85 to $2.87 per share, with revenue expected to be $2.58 billion.

Zoom Video shares have increased sevenfold since the beginning of the year. In the final minutes of trading on Monday, shares hit $478.36, rising sixfold in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ZM at https://www.zacks.com/ap/ZM

The Associated Press

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