Zoom received an annual income for three months

News

Zoom received an annual income for three months

03.09.2020 News

Shares of Zoom Video Communications, the developer of the cloud platform for video conferencing – soared by 25.5% after the close of the main trading session on August 31, to $ 408. Investors’ attention was drawn to the reports of companies for the second quarter of the current financial year (ended July 31).

In three months, Zoom’s revenue increased by 355% compared to the same quarter last fiscal year, to $ 633.5 million. This result is on 32% higher than the expectations of experts. Notably, that in just one quarter the developer earned more money than for the whole of 2019, when sales amounted to $ 622.7 million.

Such dynamics of Zoom revenue clearly shows how popular cloud services and software developers became during the COVID-19 pandemic.

“The coronavirus pandemic immediately turned Zoom from a niche application for companies into a tool that many Americans began to use to stay in touch with colleagues, family and friends,” writes The Wall Street Journal.

On Monday, the company said that the number of its corporate customers with more than ten employees over the past year increased by 458% to 370.2 thousand. In addition, the service has increased the number of customers who have spent on Zoom services more than $ 100 thousand. In total, such “elite” users increased by 200 and now about 1 thousand.

Despite strong interest from individuals, Zoom makes the lion’s share of money for large transactions with corporate clients. Small customers mostly prefer the free version of the platform, which limits the prospects for growth of revenue.

Zoom’s management has raised its revenue forecast for the current fiscal year from $ 1.78-1.8 billion to $ 2.37-2.39 billion. In the third – current – quarter, the company expects to raise $ 685-690 million.

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