Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Rebecca Zisser/Axios

Zoom's stock price is up nearly 10% in after-hours trading after the vide0-chat company posted Q2 results well above analyst expectations and raised its full-year guidance.

Why it matters: Zoom is unquestionably one of the biggest winners of the ongoing pandemic as restrictions on in-person interactions have forced many around the world to shift nearly all personal and professional activities online.

By the numbers:

  • Earnings: $0.92 per share, adjusted, compared to $0.45 expected, per Refinitiv.
  • Revenue: $663.5 million, compared to $500.5 million expected, per Refinitiv (and up 355% year-over-year).
  • Zoom now has about 370,200 customers with more than 10 employees, up 458% year-over-year, and 988 customers paying more than $100,000 in trailing 12 months revenue, up 112% year-over-year.

Of note: Asked about the company's plans with regards to China, Zoom CFO Kelly Steckelberg told analysts Zoom has no plans to move its engineering teams currently based in the country, though it is working on diversify where its engineering employees are based.

  • She added that moving Zoom's staff out of China would not affect its ability to provide services, but could affect its margins in the long run if it has to make staffing changes.
  • CEO Eric Yuan added that users of Zoom in China make up a small portion of the company's business.

Editor's note: The story has been updated with comments from the company's analyst call.

Go deeper

Ina Fried, author of Login
Nov 4, 2020 - Technology

Qualcomm results top expectations amid "milestone quarter"

Photo: Wang Gang/Visual China Group via Getty Images

Chipmaker Qualcomm on Wednesday reported sales and earnings that topped expectations, sending its shares higher. The results came amid stronger-than-anticipated smartphone shipments and licensing revenue.

Why it matters: Qualcomm is a major force in the wireless industry and arguably the biggest U.S.-based player in 5G.

Wisconsin recount reaffirms Biden's victory in the state

Photo by Mark Makela/Getty Images

The two recounts in Wisconsin requested by the Trump campaign were completed Sunday and confirmed that President-elect Joe Biden won the state, the Washington Post reports.

Driving the news: Biden won Wisconsin by more than 20,000 votes. Recounts in the state's most populous and liberal areas — Dane and Milwaukee counties — netted him an additional 87 votes.

14 mins ago - Politics & Policy

Congressional Hispanics want Lujan Grisham at HHS

Michelle Lujan Grisham arriving on Capitol Hill. Photo: Tom Williams/CQ Roll Call

Hispanic lawmakers are openly lobbying to have New Mexico Governor Michelle Lujan Grisham be named Health and Human Services secretary, according to a letter obtained by Axios.

Why it matters: These members are now following the example some Black lawmakers have used for weeks: trying to convince Joe Biden his political interests will be served by rewarding certain demographic groups with Cabinet picks.