Zoom Video Communications Inc. once again smashed analyst predictions in its quarterly earnings today, but its shares fell in after-hours trading as the company warned that its record growth will not last forever.

For the quarter ended Oct. 31, Zoom reported revenue rocketed 367%, to $777.2 million, over the same quarter of 2019 as the company continues to benefit from the COVID-19 pandemic. Zoom reported net income in the quarter at $198.4 million, or 66 cents per share, up from $22 million or a penny per share a year ago. Analysts had been predicting a profit of 76 cents per share on $694 million in revenue.

The figures from Zoom across the board were positive. The company reported 433,700 customers with more than 10 employees in the quarter, up 485% over the same quarter last year, and 1,289 customers contributed more than$100,000 in trailing-12-months revenue, up 136% year-over-year.

While many companies have benefited due to the COVID-19 pandemic, Zoom is a standout to the point that it has become a verb for online meetings. No one, even the company itself, could have predicted that when it went public in June 2019.

For Zoom’s fourth quarter, it’s predicting revenue between $806 million and $811 million and adjusted revenue per share of between 77 and 79 cents. Analysts had been predicting 66 cents per share on revenue of $730.1 million.

“We remain focused on the communication needs of our customers and communities as they navigate the current environment and adapt to a new world of work from anywhere using Zoom,” Zoom founder and Chief Executive Officer Eric Yuan said in a statement. “We aspire to provide the most innovative, secure, reliable and high-quality communications platform to help people connect, collaborate, build and learn on Zoom.”

Still, there are warning signs that its record growth could slow and investors took note. The company warned of higher-than-usual customer losses before the end of the year, while growth rates, while still high to the point that most other companies would be jealous, are slowing down. As a result, Zoom shares were down 5% in after-hours trading.

Along with its financials, Zoom also announced that it has chosen Amazon Web Services Inc. as its preferred cloud partner.

Under the strategic partnership, noting that Zoom has been using AWS since 2011, Zoom has signed a multiyear agreement that will allow it to scale up its service rapidly in the COVID-19 era. Amazon has and will continue provide support for Zoom’s growth in the years ahead.

“Faced with unprecedented global demand this past year, we’ve been able to handle it in significant part by running the substantial majority of our cloud-based workloads on our preferred cloud provider, AWS and relying on AWS’ performance and scalability,” Yuan said. “Looking forward, we will continue to innovate alongside AWS to reinvent virtual collaboration and deliver secure and exciting experiences for our customers.”

Image: Zoom