Zoom forecasts 30% revenue rise as more customers turn to paid subscriptions

Zoom has raised its annual revenue forecast by 30% as more of its free users convert to paid subscribers amid the pandemic. Its shares surged almost 4X this year, rising 9.3% to $355.30. Zoom became increasingly popular since the onset of pandemic earlier this year. But a lot of its customers turned to competitors due to its security concerns. Despite this, it had a master quarter with 355% revenue hike to $663.5M, topping analysts’ average estimate of $500.5M.

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