Zoom revenue grew by 355%

Zoom revenue grew by 355%

IT NewsFacts and forecastsMarket analytics

Anna Savelieva | 09/01/2020

Zoom revenue grew by 355%

The company’s shares gained 25% after the publication of the report for the second quarter of the fiscal year, which performance exceeded analysts’ expectations.

In the second quarter, Zoom managed to increase earnings to 92 cents per share from the expected 45, while revenues increased to $ 663.5 million from $ 500.5 million. Note that in the first quarter, the company’s revenue
grew by 169%.

As the pandemic forced many to switch to remote, the number of Zoom users has skyrocketed, with an average of 148.4 million monthly active users per quarter, an increase of 4,700%.
more than last year. Not the least role in attracting people was played by the 90-day plan for further
strengthening the security of the platform, which was presented on April 1 and subsequently helped to avoid an active churn to competitors.

Thus, the number of newcomers had a positive impact on revenue, providing 81% growth due to the transfer of the majority of free users to paid subscriptions. Number of corporate
customers reached 370.2 thousand.

The company’s net income was $ 185.7 million, and Zoom’s revenues grew 355% to $ 664 million, compared to $ 146 million last year. Thus, as of 4:00 pm on August 31st, Zoom
rose to $ 325.1 apiece.

Against the background of such a rapid growth, the company raised its forecast for annual revenue by more than 30% from $ 1.78– $ 1.80 billion to $ 2.37– $ 2.39 billion.

financial results of companies

Zoom | Zoom

Leave a Comment