Zoom Global Quarterly Earnings Skyrocket By 369% to $882.5bn
Video conferencing tool Zoom is still reaping the fruits of the COVID-19 pandemic, with the company’s fourth quarter revenue soaring by 369 per cent to $882.5 million ($A1.1 billion).
Zoom’s full fiscal-year total revenue was $2,651.4 million, also skyrocketing by a whopping 326 per cent year-over-year.
The company’s impressive revenue is an extraordinary contrast to the previous year’s $188.25 million, after the COVID-19 lockdown resulted in a work-from-home and remote learning boom.
Zoom has approximately 467,100 paying customers with more than 10 employees, up a staggering 470 per cent from the same quarter last year.
“The fourth quarter marked a strong finish to an unprecedented year for Zoom. In FY2021, we significantly scaled our business to provide critical communications and collaboration services to our customers and the global community in response to the pandemic. We are humbled by our role as a trusted partner and an engine for the modern work-from-anywhere environment. Our ability to rapidly respond and execute drove strong financial results throughout the year,” said Eric S. Yuan, Founder and Chief Executive Officer of Zoom.
“As we enter FY2022, we believe we are well positioned for strong growth with our innovative video communications platform, on which our customers can build, run, and grow their businesses; our globally recognized brand; and a team ever focused on delivering happiness to our customers.”
And it seems Zoom will continue to ride the pandemic wave well into 2021 as its customer base grows even bigger.
Zoom expects its first-quarter revenue to reach between $900 and $905 million. For the full year of 2021, it is expected revenue will top $3.76 to $3.78 billion.
This is despite concerns of a market slowdown after workers and students slowly return to physical buildings.
In response to this, Zoom is expanding its services into new product categories to offer a comprehensive suite of workplace software.
Zoom was founded in 2011 and is headquartered in San Jose, California.