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Teleworking triggers Zoom’s profit, which expects to quadruple its turnover in 2020

The videoconferencing application Zoom Video Communications registered an attributed net profit of 212.76 million dollars (177 million euros) between the months of February and July, the first half of its fiscal year, which means multiplying by 43 the profits of the company in the same period of 2019 as a reflection of the impulse of its activity by teleworking and the social distancing measures applied to contain the coronavirus pandemic.

Zoom’s revenue in the first half of the year increased 270% year-on-year, to $ 991.68 million (827 million euros) and the company is confident that it will close the year with a turnover of between $ 2,370 and $ 2,390 million ($ 1,977 and 1,994 million). euros), almost four times more than the 622 million dollars (519 million euros) entered by the multinational in its previous fiscal year.

Between the months of May and July, the second fiscal quarter for the company, despite the gradual lifting of the confinement measures, Zoom obtained an attributed net profit of 185.7 million dollars (155 million euros), some 33 times more than the 5.5 million dollars (4.6 million euros) recorded in the same period of 2019.

Zoom’s turnover in the second quarter of its fiscal year reached 663.5 million dollars (553 million euros), an improvement of 355% compared to its revenues for the same period of the previous year.

At the end of the first quarter, Zoom had around 370,200 customers with more than a dozen employees, representing a growth of 40% compared to the first quarter and 458% in twelve months, the company said.

“Organizations are moving from addressing their most immediate business needs to betting on a future of telecommuting, remote learning and connectivity from anywhere through the Zoom platform,” said Zoom founder and CEO Eric Yuan.

“Our ability to keep people around the world connected, coupled with our strong execution, generated revenue growth of 355% year-over-year in the second quarter and allowed us to increase our revenue outlook,” he added.

© 2020 Europa Press.

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