Technology

Zoom tops estimates for third-quarter results as hybrid work jacks up demand

Zoom Video Communications (ZM.O) topped estimates for third-quarter results on Monday, as the video-conferencing platform benefited from the launch of its new offerings that helped boost demand as businesses adopt hybrid models of work.

Published

1 week ago

Nov 23, 2021 03:16 AM

Faisal Ali Ghumman

Zoom tops estimates for third-quarter results as hybrid work jacks up demand

GNN Media: Representational Photo

The company also forecast current-quarter revenue and earnings above expectations, and raised its full-year revenue estimate to around $4.08 billion from about $4.01 billion earlier.

Its recently launched Events platform, where businesses can host large-scale conferences, coupled with Zoom Phone and Zoom Rooms has helped the company compete better with rival platforms such as Microsoft (MSFT.O) Teams, Cisco (CSCO.O) Webex as well as Slack.

The pandemic-winning stock rose about 1% in extended trading, after having lost about 28% this year as investor enthusiasm in the stock waned after the coronavirus-led boom cooled and people started venturing outdoors.

The company has been attempting to convert its short-term pandemic gains into longer-term financial returns by attracting enterprise customers against the backdrop of a failed deal to acquire cloud-based customer contact software firm Five9 (FIVN.O). read more

Zoom said it had about 512,100 customers with more than 10 employees at the end of the quarter, which is an 18% jump from a year earlier.

The company reported a profit of $1.11 per share and revenue of $1.05 billion in the third quarter ended Oct. 31, beating Wall Street's estimates for a profit of $1.09 per share and revenue of $1.02 billion.

SOURCE: REUTERS

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Faisal Ali Ghumman

Mr. Ghumman is a seasoned journalist who has 19 years of diversified experience in print, electronic and digital media. He has worked with 92 News HD, Daily Pakistan Today, Daily The Business, Daily Dawn, Daily Times and Pakistan Observer as News Reporter, Feature Writer, Editor, Web Content Editor and Article Writer. Mr Ghumman has graduated from the Bahauddin Zakariya University Multan and is currently enrolled in M.Phil in Mass Communication at the University of Punjab.

Regional

Jhang Assistant Commissioner shot dead by relatives

Assistant Commissioner (AC) Jhang Imran Jaffer has been shot dead by his cousins on Sunday in area of Chiniot district, GNN reported.

Published

19 hours ago

Dec 05, 2021 02:26 PM

Mehak Javed

Jhang Assistant Commissioner shot dead by relatives

Jhang: In a tragic incident, Assistant Commissioner (AC) Jhang Imran Jaffer has been shot dead by his cousins on Sunday in area of Chiniot district, GNN reported.

Reports quoting sources said that the slain assistant commissioner had gone to his native village and got himself in a heated argument with his paternal cousins.

Angry relatives abruptly opened fire on him—killing him on the spot.

Imran Jaffer had been posted as AC Jhang a few months back.

Reportedly, the dispute started when Imran’s relatives, verbally abused. His relatives opened fire in a fit of rage. The suspects, then, fled the scene immediately.

Chiniot police rushed to the spot after getting information and shifted the deceased to THQ Bhavana.

Police, however, have started an investigation into the incident and the area has been cordoned off.

IG Punjab Rao Sardar Ali Khan took notice of the murder of Assistant Commissioner Jhang Imran Jaffer in his native village.

IG Punjab has sought report of the incident from RPO Faisalabad.

Meanwhile, Punjab Chief Minister Usman Bazdar expressed grief over the death of Assistant Commissioner and directed the concerned authorities to submit a report as soon as possible.

Pakistan

PDM prepares recommendations for long march, resignations

Recommendations will be presented at the meeting heads of PDM parties.

Published

17 hours ago

Dec 05, 2021 04:43 PM

Siddra Sumreen

PDM prepares recommendations for long march, resignations

Lahore: Pakistan Democratic Movement (PDM) has prepared recommendations regarding long march and resignations from assemblies.

According to details, the steering committee of PDM chaired by Shahid Khaqan Abbasi discussed the option of long march and resignations from assemblies.

During the meeting, recommendations were made in support of the resignations, which will be presented at the meeting heads of PDM parties.

The members also agreed to hold protest demonstrations and conventions in all provinces before the long march. However, the time and date of the long march and resignations will be decided in the tomorrow’s meeting.

According to details, conventions and protest rallies will be held in all the four provinces before the long march.

PDM spokesperson Hafiz Hamdullah, the Pakistan Democratic Movement will hold a summit on December 6 where the central leaders of the opposition alliance will decide on a long march, Lahore march and tendering resignations from assemblies.

The session will be held in Islamabad with Maulana Fazlur Rehman in the chair.

Regional

NA-133 by-polls: PML-N retains seat for fourth time

Pakistan Muslim League-Nawaz’s (PML-N) Shaista Pervaiz Malik won the NA-133 constituency—for the fourth time since 2008 although by a smaller margin as compared to when they won it in 2018 elections.

Published

24 minutes ago

Dec 06, 2021 09:48 AM

Mehak Javed

NA-133 by-polls: PML-N retains seat for fourth time

Lahore: As per unofficial results, the Pakistan Muslim League-Nawaz (PML-N) candidate emerged victorious in the NA-133 by-election after securing 46,811 votes and trounced the Pakistan Peoples Party.

PML-N's Shaista Pervaiz Malik— the widow of late Pervez Malik, emerged victorious after retaining the seat in a constituency that has long been the party's stronghold.

Unofficial, preliminary results showed Malik defeated PPP opponent Aslam Gill by a margin of 14,498 votes, according to the unofficial results,

PML-N secured 46,811 votes, while PPP candidate remained runner up by securing 32,313 votes.

However, PPP's Gill, got 26,728 more votes now as compared to the 2018 polls, when he obtained only 5,585.

According to forum 47, the results of 254 were calculated. Out of 440485 votes in the constituency, 80997 votes were casted.

The voters turn-out remained 18.59%, including 50936 males and 30959 females, whereas, 898 votes were wasted.

Following the victory, Pakistan Muslim League – Nawaz (PML-N) President Shahbaz Sharif and Vice-president Maryam Nawaz extended their congratulations on party’s victory in NA-133 by-elections

We bow our heads before Allah in all humility for this election win today. I dedicate this success to our friend & brother, late Pervez Malik who was a thorough gentleman, dedicated public servant & great companion of Nawaz Sharif. Grateful to NA133 for their unwavering trust!
— Shehbaz Sharif (@CMShehbaz) December 5, 2021