SAN JOSE: Zoom Video Communications Inc. on Tuesday forecast current-quarter revenue above estimates, as increased adoption of hybrid work models by companies is expected to drive steady demand for its video conferencing tools.
Zoom became a household name and investor favorite in the past year, as businesses and schools switched to its services for virtual classes, office meetings and socializing.
But with rapid vaccination efforts and life slowly returning to normal, analysts are skeptical of the sustainability of Zoom’s growth, especially with rivals Microsoft, Cisco and Google snapping at its heels.
“The extent to which Zoom can compete sustainably with the likes of Cisco and Microsoft remains to be seen over the next few quarters as we begin to enter true COVID comparable quarters,” said Joe McCormack, senior analyst at Third Bridge.
However, the San Jose, California-based company assuaged some of those concerns by forecasting current-quarter revenue in the range of $985 million to $990 million, above Wall Street’s estimate of $931.8 million, according to IBES Refinitiv data.
Shares of the company were up 2 percent, after falling as much as 5 percent in after-market trading on higher costs. In the first quarter ended April 30, costs jumped 155 percent to $265 million.
The surging number of free users on Zoom’s platform has led to higher costs for the company, which operates some of its own data centers.
Zoom, which had come under scrutiny for security related issues, is shifting focus on its two-year-old cloud-calling product Zoom Phone and conference-hosting product Zoom Rooms as bigger players Facebook and Google amp up their video products.
Zoom posted adjusted profit of $1.32 per share on revenue that nearly tripled to $956.2 million in the quarter, compared with estimates of a profit of 99 cents and $906 million in revenue.
Zoom forecasts upbeat revenue, expects boost from hybrid work
https://arab.news/mcfys
Zoom forecasts upbeat revenue, expects boost from hybrid work
- Zoom became a household name and investor favorite in the past year
- The surging number of free users on Zoom’s platform has led to higher costs for the company
Pioneering Asharq Al-Awsat journalist Mohammed al-Shafei dies at 74
- Egyptian was known for his fearless coverage of terrorist, extremist groups
- One of handful of reporters to interview Taliban leader Mullah Omar in 1970s
LONDON: Mohammed al-Shafei, one of Asharq Al-Awsat’s most prominent journalists, has died at the age of 74 after a 40-year career tackling some of the region’s thorniest issues.
Born in Egypt in 1951, al-Shafei earned a bachelor’s degree from Cairo University in 1974 before moving to the UK, where he studied journalism and translation at the University of Westminster and the School of Oriental and African Studies.
He began his journalism career at London-based Arabic papers Al-Muslimoon and Al-Arab — both of which are published by Saudi Research & Publishing Co. which also owns Arab News — before joining Al-Zahira after Iraq’s 1990 invasion of Kuwait.
Al-Shafei joined Asharq Al-Awsat in 1991 and spent 15 years on the sports desk before shifting to reporting on terrorism. He went on to pioneer Arab press coverage in the field, writing about all aspects of it, including its ideologies and ties to states like Iran.
His colleagues knew him for his calm demeanor, humility and meticulous approach, marked by precise documentation, deep analysis and avoidance of sensationalism.
Al-Shafei ventured fearlessly into terrorist strongholds, meeting senior terrorist leaders and commanders. In the 1970s he was one of only a handful of journalists to interview Mullah Omar, the leader of the Taliban, and conducted exclusive interviews with senior figures within Al-Qaeda.
He also tracked post-Al-Qaeda groups like Daesh, Hay’at Tahrir al-Sham and Boko Haram, offering pioneering analysis of Sunni-Shiite extremism and how cultural contexts shaped movements across Asia and Africa.
During the war on Al-Qaeda, he visited US bases in Afghanistan, embedded with international forces, and filed investigative reports from active battlefields — rare feats in Arab journalism at the time.
He interviewed Osama bin Laden’s son, highlighting a humanitarian angle while maintaining objectivity, and was among the few Arab journalists to report from Guantanamo, where his interviews with Al-Qaeda detainees shed light on the group’s operations.
Al-Shafei married a Turkish woman in London in the late 1970s, with whom he had a son and daughter. He was still working just hours before he died in London on Dec. 31.
