Zoom Video Communications Inc. reported quarterly sales that leapfrogged estimates, showing that a surge in demand for its video-conference service during the coronavirus pandemic has translated into more paying customers. The company also about doubled its annual revenue forecast.
Revenue increased about 170 per cent to US$328.2 million in the period that ended April 30, the San Jose, California-based company said Tuesday in a statement. Analysts, on average, expected US$203 million, according to data compiled by Bloomberg. Profit, excluding some items, was 20 cents a share, compared with analysts’ average projection of 9 cents.
Zoom projected sales of as much as US$1.8 billion in the fiscal year, from a forecast of as much as US$915 million in early March. Analysts estimated US$930.8 million.
Chief Executive Officer Eric Yuan has tried to ensure that his virtual-meeting platform can cope with a swell of demand from people forced to remain home to prevent the spread of Covid-19. While security and privacy issues plagued the system early in the quarantine, Zoom has become an essential social network, attracting more than 300 million participants some days, up from 10 million in December. The software maker allows gatherings of as long as 40 minutes for no charge. While Zoom has attracted more buzz than corporate rivals, its ability to attract more paying customers will determine how well it’s faring against competition from Microsoft Corp., Cisco Systems Inc. and Alphabet Inc.’s Google.
Shares increased 4 per cent in extended trading after closing at a record US$208.08 in New York. The stock has more than tripled this year.
Zoom said it ended the quarter with about 265,400 customers with more than 10 employees, a more than fourfold increase from the same period a year earlier. The company now has 769 corporate clients that have spent more than US$100,000 on Zoom’s products over the last 12 months, about double from a year earlier.
The company said its expects adjusted profit in the fiscal year will be US$355 million to US$380 million, or US$1.21 to US$1.29 a share. Analysts had estimated 46 cents, just more than Zoom’s earlier forecast. The company has been spending to bolster its network capacity, including by buying cloud-computing services from Oracle Corp. during the pandemic. Zoom also continues to use Amazon.com Inc.’s cloud service.
With Zoom’s popularity has come controversy over the company’s security practices. Trolls have invaded myriad meetings, religious gatherings and other events, to share pornography and shout profanity or racial epithets, in a phenomenon known as “Zoombombing.” The company highlighted or created a raft of tools users can employ to prevent the virtual attacks, including passwords and waiting rooms.
There also were instances when Zoom calls were routed through servers in China even when no participant was based there and users were unwittingly sending metadata to Facebook Inc. when they signed in. Zoom put an end to both practices. The company pledged to commit to bolstering privacy over all other concerns for three months, purchasing a secure-messaging company, Keybase, to bring the highest standard of encryption to the platform, and hiring cybersecurity experts to guide safety efforts.
Canada’s economy creates almost 1 million jobs in June – Canada Immigration News
Lifting coronavirus-related lockdown restrictions around the country has sparked the beginning of Canada’s economic recovery.
Many Canadians and permanent residents returned to work for their previous employers while others started new jobs.
Between February and April, a total of 3 million people lost their jobs due to the lockdown, and another 2.5 million were absent from work due to coronavirus-related reasons, according to a Statistics Canada report published on Friday.
May saw a slow start of economic recovery as 290,000 people returned to work. Building on this, the month of June helped alleviate low unemployment rates across the country as employment increased by a record 953,000 people.
These last two months saw the labour market recover by a staggering 40%. Over 1.24 million people gained employment, after 3 million people lost their jobs earlier in the year.
Canada’s overall unemployment rate dropped from 13.7% in May to 12.3% in June.
In addition, the report says that labour force participation rate has increased substantially over the last two months up to 63.8% in June. In comparison, it was 65.5% in February, before coronavirus-related restrictions.
The labour force participation rate is the percentage of the population, aged 15 or older, who are part of the labour force.
This suggests that many people are now more optimistic about the potential of finding a job. The Canada Emergency Student Benefit (CESB)’s requirement to actively search for work may be another factor. The CESB was introduced to alleviate financial struggles of students who may have been affected by the coronavirus-related restrictions
Moreover, the number of people who work less than half of their usual hours also decreased in June to 26.9% down from 34.3%.
The rise of employment across all provinces is largely aligned with the easing of lockdown restrictions.
Employment in Ontario increased by 378,000 (or 5.9%), Quebec by 248,000 (or 6.5%) and British Columbia by 118,000 (or 5.4%).
As Canada begins reopening its economy, many Canadians and permanent residents have returned to work or have begun looking for work.
In addition, Immigration, Refugees and Citizenship Canada (IRCC) has returned to normal in terms of Express Entry draws. The latest draw held was an all-program draw. This means that candidates for the Federal Skilled Worker Program (FSWP) and the Federal Skilled Trades Class (FSTC) were also considered.
Since the travel restrictions were put in place to slow the spread of the coronavirus pandemic, IRCC had been holding program-specific draws, alternating between Provincial Nominee Program (PNP) draws and Canadian Experience Class (CEC) draws.
Canada’s latest job statistics is good news for these immigrants since they can expect a stronger job market once they have obtained permanent residence.
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COVID-19: Alberta reports 77 new cases on Friday, death count falls by 1 – CTV News
Alberta reported 77 new cases of COVID-19 on Friday, bringing its total number of cases to 8,596.
There are 592 active cases across the province and 7,844 people have recovered from the coronavirus.
The province’s death count fell by one on Friday, from 161 to 160. The number of COVID-19-related deaths fell from 18 to 17.
“One of the deaths reported at the Misericordia has been determined to not have COVID-19 as a contributing cause of death,” a spokesman for the province told CTV News.
The city of Edmonton has now surpassed 1,000 total cases, with 1,001. Its number of active cases sits at 173.
More than 510,000 COVID-19 tests have now been completed in Alberta.
Edmonton, Calgary top Canadian cities in unemployment – CTV News Edmonton
Alberta has the second-worst provincial unemployment rate in Canada after Newfoundland and Labrador..
According to new Statistics Canada data, unemployment reached 15.5 per cent in June.
It marks an 8.8 per cent difference from the same time last year.
The only province with a higher unemployment rate is Newfoundland and Labrador, at 16.5 per cent.
And unemployment in Alberta’s largest cities is also highest among Canadian major urban centres: about 15.7 per cent of the Edmonton workforce is currently unemployed, and 15.6 per cent of the Calgary workforce.
In May, their unemployment rates were 13.6 per cent and 13.4 per cent, respectively.
The news comes alongside a report that Canada added 953,000 jobs in June as businesses forced to close by the pandemic began to reopen.
“That’s important progress but we have a long way to go,” Alberta Premier Jason Kenney commented Friday at a news conference in Fort Saskatchewan, where a carbon capture and storage facility recently reached the five-million equivalent tonnes milestone.
Kenney’s government’s economic recovery plan centres on infrastructure projects that create jobs and making Alberta an attractive place for investment – as does the facility at the Shell Scotford complex, Kenney said.
“Projects like this are a key part of Alberta’s recovery plan to build, to diversify, and to create jobs. When the global economy comes back form COVID, when demand returns for oil and gas, we are going to see, I believe, something of a supply shortage because of all the upstream exploration that has been cancelled, and so we’ll see prices go up. And that will be a great opportunity for Alberta, especially as we make progress on pipelines,” he said.
“But there’s one critical factor, we’ve got to bring investment back. And that means we’ve got to demonstrate our progress on environmental responsibility which is why investments like this… are so important to jobs, the economy, and the future prosperity of Alberta.”
The national unemployment rate fell to 12.3 per cent after hitting a record-high of 13.7 per cent in May.
With files from CTVNews.ca
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