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Zoom Video Slips Despite Higher Q3 Profit

Zoom Video Communications, Inc. (ZM) shares are sliding more than 16 percent on Tuesday morning trade, despite an increase in third-quarter profit on the back of 35 percent revenue growth.

Third-quarter profit increased to $340.3 million or $1.11 per share from $198.4 million or $0.66 per share last year. On an adjusted basis, earnings were $338.4 million.

Looking forward, the company expects total revenue between $4.079 to $4.081 billion, representing approximately 54 percent year-over-year growth.

Currently, shares are at $198.15, down 18.25 percent from the previous close of $242.28 on a volume of 12,351,790.

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