Zoom posts huge second quarter revenue boost
Zoom, the video conferencing service buoyed by the coronavirus pandemic,postedhuge revenue gains for its second quarter (ending 31 July 2020) with $663.5m in revenue.
This is up from $145.8m on the same period last year, a 355% year-over-year improvement.
Among the other metrics the company shared was the fact it now has 370,200 paying customers with over 10 employees, a figure up “458% from the same quarter last fiscal year.”
The Vergereported that on a call with analysts, CFO Kelly Steckelberg said that subscriptions from new customers made up 81% of Q2’s revenue growth.
Zoom now projects its total revenue for the full fiscal year 2021 to be between $2.37 and $2.39bn. It takes into account the churn it expects to see as some customers leave and others come on board, though Steckelberg reportedly noted that churn in Q2 was not as high as the company had expected.
Zoom is now a household name after its popularity skyrocketed as the world went into lockdown during the coronavirus pandemic. It has managed to muscle in on ground that should easily have been Skype’s and Google’s.
Its attraction is in its reliability and the fact many participants can join on a laptop or computer screen where every face can be seen, as opposed to video call apps on mobile that are designed for one-on-one chats.
Facebook Messengerrolled out its Rooms featurein an attempt to copy Zoom’s format, whileGoogle rebranded Hangouts to Meetto try and win business customers over to its platform.
Author: Henry Burrell, Contributor
Previously Tech Advisor’s Phones Editor, Henry covers and reviews every smartphone worth knowing about. He spends a lot of time moving between different handsets and shouting at WhatsApp to support multiple devices at once.
