By Kimberly Chin
Zoom Video Communications Inc.'s shares tumbled roughly 4% in after-hours trading Monday to $458 despite topping profit and sales expectations in the third quarter due to an increase in customers who use the platform for remote work.
The videoconferencing company's net profit was $198.4 million, or 66 cents a share, up from $2.2 million, or 1 cent a share, in the year-ago quarter. Adjusted earnings were 99 cents a share. Analysts polled by FactSet were expecting adjusted earnings of 76 cents a share.
Revenue more than quadrupled to $777.2 million from a year ago. Analysts were looking for $693.6 million.
Total operating expenses more than doubled from a year earlier to $326.2 million.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
11-30-20 1651ET