Home > Communication > Zoom Sales Up 355%, Raises Annual Guidance

Zoom Sales Up 355%, Raises Annual Guidance

Virtual meeting provider, Zoom, has reported a whopping 355% jump in quarterly sales as remote workers move online during the cronavirus pandemic. The company has projected further sustained growth.

Second quarter revenue jumped over four times year-on-year to US$663.5 million, trumping analysts expectations for around US$500 million.

Earnings notched around 92 cents per share, up from around 45 cents commentators tipped.

For the fiscal year ending January, Zoom forecasts sales of US$2.39 billion, with adjusted profit of US$2.40 – US$2.47 a share – trumping analyst expectations for US$1.81 billion and $1.25 a share respectively.

The news comes after Zoom initially projected fiscal-year revenue of US$1.8 billion.

Shares climbed over 9% in extended trading, closing at a record US$325.10 earlier this week.

Zoom Chief Executive Officer, Eric Yuan, attributes the coronavirus pandemic for shifting organisational behaviour into the longer-term:

“Organizations are shifting from addressing their immediate business continuity needs to supporting a future of working anywhere, learning anywhere, and connecting anywhere on Zoom’s video-first platform.”

Zoom reportedly has nearly a thousand clients spending over US$100,000 on Zoom service – double the previous year – adding to over 370,000 business customers with over ten employees.

The software company is eyeing continued international growth, specifically from population rich demographics as India.

You may also like
You Can Now Sign Documents In Zoom Meetings
TikTok Topples Instagram As Most Downloaded App
Zoom Growth Suffers As Lockdowns End
Five9 Shareholders Reject Zoom Takeover
US probing US$15 billion Zoom deal for “foreign participation”