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

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A video conference via Zoom Zoom Video Communications (FILE photo) 3/6/2020

The video conferencing application Zoom Video Communications posted a net attributable profit of $ 411.2 million (€ 343 million) between February and October 2020, a 58-fold increase in earnings of $ 7.5 million (6, 2 million euros) recorded by the company in the same period of 2019 as a reflection of the boost in its activity by teleworking and the social distancing measures applied to contain the coronavirus pandemic.

Zoom’s revenue in the first nine months of its fiscal year increased by 307% year-on-year, to 1,768.9 million dollars (1,474 million euros) and the company is confident that it will close the year with a turnover of between 2,575 and 2,580 million dollars (2,147 and 2,150 million euros), four times more than the 622 million dollars (518 million euros) received by the multinational in its previous year.

Between the months of August and October, the third fiscal quarter for the company, Zoom obtained an attributable net profit of 198.4 million dollars (165 million euros), compared to earnings of 2.2 million dollars (1.8 million euros) for the same period of 2019.

Zoom’s revenue in the third quarter of its fiscal year reached 777.2 million dollars (648 million euros), an improvement of 366% compared to its revenue a year earlier.

At the end of the third quarter, Zoom had around 433,700 corporate clients with more than a dozen employees, which represents a growth of 17% compared to the three previous months and 485% in twelve months.

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