(Reuters) -Zoom Video Communications raised its forecast for fiscal 2025 revenue on Monday, anticipating robust demand for its online video conferencing software as it expands its product portfolio, and clients embrace hybrid working models.
The company expects revenue in the range of $4.65 billion to $4.66 billion, from its earlier forecast of between $4.63 billion and $4.64 billion.
Zoom (NASDAQ:ZM)’s online meeting services continue to see strong spending from its large enterprise client base as hybrid working models become the norm in many firms and its push to integrate artificial intelligence makes it a staple for many companies’ operations.
The company reported revenue of $1.18 billion for the third quarter, beating estimates of $1.16 billion, as per data compiled by LSEG.
Zoom also said it would expand its share repurchase plan by $1.2 billion.