Zoom Video Communications, Inc. (Nasdaq: ZM) announced on Monday its financial results for the fiscal third quarter 2022 ended October 31, 2021. The report highlights a topline revenue figure of US$1.05 billion, an increase from Q3 2021’s revenue of US$777.2 million.
The gross margin also increased to 74.2% this quarter coming from 66.7% last year. Further down the financials, net income for the quarter came in at US$340.4 million compared to US$198.6 million last year. The quarterly income translates to US$1.11 earnings per diluted share.
The firm ended the quarter with US$1.34 billion in cash, cash equivalents, and restricted cash from a starting balance of US$2.00 billion. The cash burn is mainly driven by marketable securities purchases amounting to US$1.35 billion. The company’s current assets balance ended at US$6.11 billion while current liabilities came in at US$1.69 billion.
The communications platform is expecting its revenue for fiscal Q4 2022 to be US$1.05 billion while full-year revenue is anticipated to be US$4.08 billion.
Zoom Video Communications last traded at US$242.28 on the Nasdaq.
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