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Zoom’s sales surge beats even most optimistic forecasts

Video conferencing group’s shares hit new record as revenue growth accelerates

Soaring demand for the Zoom video conferencing service far exceeded even the most optimistic Wall Street forecasts in the latest three months, lifting quarterly revenue higher than the San Francisco-based company reported for the whole of 2019.

The boom fuelled a 25 per cent leap in Zoom’s shares in after-market trading on Monday and left it with a stock market value of $114bn, or more than half as much as the communications giant AT&T.

The company, whose name has become almost synonymous with working and learning from home during the pandemic, reported revenues of $663.5m for the period to the end of July — a 355 per cent increase from the year before — and an acceleration from the 270 per cent growth in the months after the pandemic hit.

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