Zoom increase 169% of its income during confinement and hopes to triple its annual turnover

The video conferencing application Zoom Video Communications registered a 169% growth in revenue in the first quarter of its fiscal year, which runs from February to April, to $ 328.16 million (292 million euros), compared to the strong demand for its services during the confinement of the Covid-19 pandemic, when the company had 300 million daily users.

Thus, in its first fiscal quarter Zoom recorded an attributable net profit of $ 27 million (24 million euros), compared to earnings of $ 198,000 (176,000 euros) in the same period of the previous year. In fact, Zoom’s profit between February and April exceeds the result of 21.7 million dollars (19 million euros) recorded in the whole of its previous fiscal year.

“We are honored by the rapid adoption of Zoom worldwide in the first quarter,” stated the company’s founder and CEO, Eric Yuan, for whom the Covid-19 crisis has fueled demand for platforms to facilitate the interaction and collaboration, accelerating Zoom’s integration into people’s learning and professional lives.

At the end of the first quarter, Zoom had around 265,400 clients with more than a dozen employees, representing an annual growth of 354%, the company said.

During the company’s account presentation conference, followed live online by 3,000 people, Yuan noted that a single new bank customer had acquired 175,000 new Zoom licenses during the quarter, adding that use of the app “peaked. 300 million daily users, free and paid, in April 2020, compared to 10 million in December 2019. “

In this sense, the founder of Zoom indicated that the company continues to record high levels of participation even when many governments have begun to lift the measures of confinement of the population of their respective countries.

In this way, the platform expects to achieve revenues of between 495 and 500 million dollars (441 and 445 million euros) in the second quarter of its year, between May and July, and has revised upwards its forecast of income for all the year, up to a range of between 1,775 and 1,800 million dollars (1,581 and 1,604 million euros), which would practically triple the 622 million dollars (554 million euros), invoiced by Zoom in all of its previous year.

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