Zoom announced financial results for the third fiscal quarter ended October 31, 2020. The third quarter revenue surged a whopping 367% from a year ago as the company now has 433,700 customers with more than 10 employees.
The company reported third quarter net income of $198.4 million, or 66 cents a share, on revenue of $777.2 million. Non-GAAP earnings for the third quarter were 99 cents a share. Wall Street was expecting Zoom to report third quarter revenue of $694 million with non-GAAP earnings of 76 cents a share.
For the fourth quarter, Zoom is projecting revenue between $806 million and $811 million with non-GAAP earnings of 77 cents a share to 79 cents a share. For the fourth quarter, analysts were modeling revenue of $730 million and $2.4 billion for fiscal 2021.
Zoom sees strong demand ahead and said that revenue for fiscal 2021 will be between $2.57 billion and $2.58 billion.
“We remain focused on the communication needs of our customers and communities as they navigate the current environment and adapt to a new world of work from anywhere using Zoom. We aspire to provide the most innovative, secure, reliable, and high-quality communications platform to help people connect, collaborate, build and learn on Zoom,” said Zoom founder and CEO, Eric S. Yuan. “Strong demand and execution led to revenue growth of 367% year-over-year with solid growth in non-GAAP operating income and cash flow in our third fiscal quarter. We expect to strengthen our market position as we finish the fiscal year with an increased total revenue outlook of approximately $2.575 billion to $2.580 billion for fiscal year 2021, or approximately 314% increase year-over-year.”
