Zoom Video Communications Inc raised its annual revenue forecast by 30% after comfortably beating quarterly estimates on Monday, as it converts more of its huge free user base to paid subscriptions.
Shares of the company, which have surged almost four-fold this year, rose 5% after the bell. They hit a record high in regular trading.
Video-conferencing platforms, once used mostly as a technological substitute for in-person meetings, became a vital part of day-to-day life this year for people stuck at home under coronavirus restrictions, be it for work, school or socializing.
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