BENGALURU: Virtual meeting platform Zoom has reported a massive 355 per cent YoY surge in revenues at$ 663.5 million for the quarter ended July 2020.
The company said that it expects its total revenue for FY21 to be in the range of $2.37 billion and $2.39 billion. The number of customers with more than 10 employees was reported to be 370,200, a 458 per cent YoY increase. The Nasdaq listed company’s stock surged 24 per cent hours after it announced the quarterly results.
Zoom’s founder and CEO, Eric S Yuan said that organizations are shifting from addressing their immediate business continuity needs to supporting a future of working anywhere, learning anywhere, and connecting anywhere on Zoom’s video-first platform.
“Our ability to keep people around the world connected, coupled with our strong execution, led to revenue growth of 355% year-over-year in Q2 and enabled us to increase our revenue outlook to approximately $2.37 billion to $2.39 billion for FY21, or 281 per cent to 284 per cent increase year-over-year,” he added. Zoom’s popularity and reach despite competition from the world’s largest companies has remained unmatched.