Revenues for videoconferencing app, Zoom, have grown by 355% year on year to hit $663.5 million in the second quarter of 2020, as the coronavirus crisis continues to push for remote working. This beat analysts’ expectations of $500.5 million.
The company’s profits soared to $186 million, while customer growth rose 458%, compared to the same period last year.
Additionally, the company’s shares hit a record high on Monday, 31st August 2020, and closed at $325.10. Furthermore, the firm raised its annual revenue forecast by more than 30% to the range of $2.37 billion to $2.39 billion, from its previous projection of $1.78 billion to $1.80 billion.
The company further states that its large customers – firms that generated more than $100,000 in revenue in the past year – doubled to 988 during the quarter.
The company generated $328.2 million in the first quarter of 2020 compared to $122 million in the first quarter of 2019. Its performance beat analysts’ projections who expected $202.48 million in revenue.
Changes caused by the pandemic, such as working from home, have seen a sharp increase in zoom subscriptions. The growth in revenue emanates from new customer acquisitions and conversion of free users to premium users. Zoom customers have increased by 354% in less than a year.
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