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Zoom forecasts sales surge as video conferencing becomes a daily routine

Zoom forecasts sales surge as video conferencing becomes a daily routine

first_imgZoom Video Communications Inc raised its annual revenue forecast by more than 30 percent after comfortably beating quarterly estimates on Monday as it converts more of its huge free user base to paid subscriptions.Shares of Zoom, which have surged almost four-fold this year, rose 9.3 percent to US$355.30 after the bell. Earlier in the day they hit a record closing high of $325.10 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. Zoom rivals such as Microsoft Corp’s Teams and Cisco System Inc’s Webex have also seen soaring usage. Topics : When the pandemic hit in early 2020, Zoom was a relative upstart founded by a former Cisco executive that had gone public on a promise to make video conferencing software easier to use. But the ease of use came with privacy and security concerns that drove some customers to competitors earlier this year and prompted Zoom to embark on a 90-day plan to address the issues. Zoom began testing end-to-end encryption of its service in July but has not yet implemented the feature for most users.The surge in usage also strained Zoom’s infrastructure, with some outages last week as schools in many parts of the United States resumed classes virtually.Since the start of the pandemic, Zoom has worked to convert the mass of free users into paying customers, which is important because the company relies on both its own data centers and cloud providers such as Amazon.com and Oracle Corp to provide its serving, meaning it must bear costs for free users.The company said revenue rose 355 percent to $663.5 million, topping analysts’ average estimate of $500.5 million. The company’s gross profit rose to 71 percent from 68 percent, but remains far below the 80 percent range Zoom operated at before free users flocked to the service.center_img On a conference call with investors, Zoom Chief Financial Officer Kelly Steckelberg said the company’s gross profits will remain in the same range as the fiscal second quarter for the rest of the fiscal year. She also said the company was experiencing slightly higher rates of customer cancellation than Zoom’s historical average, but that the new rates had been factored into the company’s forecast.“The revenue growth is accelerating,” Chaim Siegel, an analyst with Elazar Advisors, told Reuters. “Even though they gave very strong guidance for next quarter it’s possible they’re being conservative if you consider a stay-at-home back-to-school. Zoom is a household word.”Zoom’s number of large customers – those generating more than $100,000 in revenue in the past year – more than doubled to 988 in the fiscal second quarter.The company, founded and headed by former Cisco manager Eric Yuan, raised its annual revenue target for fiscal year 2021 to a range of $2.37 billion to $2.39 billion, from $1.78 billion to $1.80 billion previously.Net income attributable to common stockholders rose to $185.7 million, or 63 cents per share, from $5.5 million, or 2 cents per share, a year earlier.Excluding items, the company earned 92 cents per share, beating the average analyst estimate of 45 cents, according to IBES data from Refinitiv.last_img read more

Dawn stamina doubts for O’Brien

Dawn stamina doubts for O’Brien

first_img “To get a mile and a half this year is a big ask.” The Ballydoyle stable has dominated the trials for the Epsom Classic, with the one blip coming in the Dante Stakes at York. Battle Of Marengo won the Derrinstown Stud Derby Trial at Leopardstown, and while his manner of victory did not impress everyone, the Galileo colt beat a previous Group One winner in the Bolger-trained Loch Garman. O’Brien said: “We’re very lucky with some nice colts, nice three-year-olds and a couple of them won nicely, albeit in below-average trials you could say. Battle Of Marengo is a tough horse, he keeps winning and gets the job done. He might not be very stylish but he’s tough and he stays. “Nevis won well in Lingfield and Ruler Of The World and Magician in Chester, so we have a couple of nice horses to go to war with.” Asked what horse he is likely to ride, O’Brien said: “Strictly on form you can’t get away from Battle Of Marengo. He beat a Group One winner in his trial and beat him nicely by a couple of lengths without having a hard race. “In all the other trials I think you would go a long way to find a Group One winner other than the couple of winners of them. He’s tough, he’s genuine and he’s had plenty of racing and at the moment he looks one of the principals.” O’Brien, who won the Derby last year on Camelot and is set to ride Battle Of Marengo from his father Aidan’s squad of possibles, spoke of his admiration for Jim Bolger’s 2000 Guineas hero but questioned whether the Derby distance would suit. Speaking on Channel 4 Racing, O’Brien said: “You can’t fault him, he’s tough and he tries. It’s a big unknown stepping up to a mile and a half, he won over five last year and he won a Coventry. Joseph O’Brien believes it could be a “big ask” for Investec Derby favourite Dawn Approach to see out the mile-and-a-half trip at Epsom on June 1.center_img Press Associationlast_img read more

Kevin Donahue to retire as men’s lacrosse assistant coach, remain with program as volunteer

Kevin Donahue to retire as men’s lacrosse assistant coach, remain with program as volunteer

first_img Facebook Twitter Google+ Longtime Syracuse lacrosse assistant coach Kevin Donahue is retiring, the school announced Wednesday.Donahue, who spent 31 years coaching with the Orange after earning All-America honors thrice as a player at SU, was part of nine national titles on the coaching staff (not including the vacated 1990 NCAA title game win).In his time coaching, Donahue mainly presided over Syracuse’s offenses and mentored his two sons, Collin and Dylan, who graduated in 2012 and 2016, respectively. His daughter Riley played on Syracuse’s women’s team and graduated last spring.Donahue’s reason for retiring, according to the press release, is to spend more time with his family. A national search will be conducted to find his replacement. Comments AdvertisementThis is placeholder text Published on August 23, 2019 at 1:56 pm Contact Andrew: [email protected] | @A_E_Grahamlast_img read more