Gains in this closely watched measure have been narrowing – last quarter, Zoom also missed predictions for big clients, which increased 36% for that period. The quarter before that, Zoom’s number of large customers jumped 87%, and in last year’s third quarter, still in the height of Covid-19 lockdowns, the increase was 485%.
Zoom Video Communications Inc. shares were down almost 10% in early trading Tuesday after the video-conferencing company reported a smaller-than-projected number of large customers for a second straight quarter, stoking concerns about growth as more workplaces and schools open back up.
The company had 512,100 customers with more than 10 employees in the third quarter, an increase of 18% from a year earlier, according to a statement from San Jose, California-based Zoom. That missed the average analyst estimate for 516,174, according to data compiled by Bloomberg.
