Expectations were high going into the fiscal 2021 third-quarter earnings report for Zoom Video Communications (ZM 0.25%). The cloud-based video platform's growth has soared as the result of the coronavirus pandemic. This marked the third consecutive quarter of triple-digit growth.

Zoom reported revenue of $777 million, up 367% year over year, accelerating from the 355% growth in the second quarter and 169% growth in Q1. This easily surpassed analysts' consensus estimates of $694 million and the high-end of management's forecast, which topped out at $690 million. 

A person participating in a Zoom meeting with four people on a laptop.

Image source: Zoom Video Communications.

Zoom generated non-GAAP earnings per share (EPS) of $0.99, an 11-fold increase from $0.09 in the prior-year quarter and easily surpassing both analyst and company expectations, which came in at $0.76 and $0.74, respectively. GAAP EPS of $0.66 sailed past the $0.01 from the year-ago quarter.

Customer metrics were equally impressive. Zoom reported a total of 433,700 customers with more than 10 employees, up 485% year over year, while customers contributing $100,000 in trailing-12-month revenue grew to 1,289, up 136%. The net dollar expansion rate -- which measures increased spending by existing customers -- topped 130% for the tenth consecutive quarter.

Cash generated by operating activities continued its rapid growth to $411 million, up 565% from just $62 million in the prior-year quarter.

Zoom expects its runaway growth to continue, though at a somewhat more moderate pace. The company is guiding for revenue of between $806 million and $811 million, which would represent year-over-year growth of 146% at the midpoint of its guidance. Zoom expects adjusted EPS of $0.78, a more than eightfold increase. 

Given the stock's breathtaking run so far this year, it isn't surprising that investors decided to take some profits, as the stock dipped roughly 5% in after-hours trading.