Zoom raises annual revenue target on remote work boost

Zoom said it now has 370,200 institutional customers with more than 10 employees, up about 458% from the same quarter last year.The company, founded and headed by former Cisco manager Eric Yuan, raised its annual revenue target for fiscal year 2021 to the range of $2.37 billion and $2.39 billion, from $1.78 billion to $1.80 billion earlier.Excluding items, the company earned 92 cents per share, beating the average analyst estimate of 45 cents, according to IBES data from Refinitiv.