Zoom Profits Soar in Q1 After Strong Customer Growth during Pandemic

Zoom’s paid usage skyrockets as remote work takes over

Zoom growth explodes in coronavirus work world

For the full year, Zoom now expects revenue of $1.78 billion to $1.8 billion, almost double Zoom's previous annual forecast for a maximum of $915 million in yearly sales.

In a sign that the company still expects phenomenal growth in the months ahead, Zoom forecast revenue of roughly $500 million for its current quarter ending in July, more than quadrupling from the same time past year.

During a call with investors on Tuesday, Yuan also said he planned to work closely with the Federal Bureau of Investigation and other government officials to limit illegal activity on the platform.

Zoom’s paid usage skyrockets as remote work takes over

Zoom grew 78% in its preceding quarter on an annualized basis. "They were crushing it before COVID-19, which has only accelerated growth". While security and privacy issues plagued the system early in the quarantine, Zoom has become an essential service, attracting more than 300 million participants some days, up from 10 million in December. "To our communities and customers - especially those in the Black community, Zoom is standing with you not only today, but also into the future", he said.

The company, which sells videoconferencing tools, crushed Wall Street's estimates, reporting a profit before certain costs such as stock compensation of 9 cents per share on revenue of $328.2 million, up 169% from a year ago.

"Non-GAAP gross margin for the first quarter was 69.4% compared to 80.9% in Q1 past year and 84.2% last quarter", Steckelberg said.

L’économie française va se rétracter de 11% cette année — Coronavirus
Fortement impacté par la crise sanitaire et deux mois de confinement, le secteur économique a du mal à reprendre de son dynamisme. Cette décision doit permettre " aux petits commerçants de reconstituer leur trésorerie ", a déclaré le ministre.

Zoom predicts its good fortunes will continue, with an estimated $495 to $500 million in revenue in the next quarter, and a total revenue of $1.775 to $1.8 billion for the fiscal year.

The measures, the company hopes, will allow it to comply with all local legal obligations and remain operational in as broad a range of territories as possible. The company boasted 265,400 customers at the end of the first quarter that marks a 354% year over year growth.

With the surge in distant networking companies comparable to Zoom, Teams and Slack anticipated to proceed post-pandemic as companies adapt to a brand new extra socially distanced "normal", there's tipped to be a rise in takeover exercise.

Republicans blast FBI Russia probe as Rosenstein defends Mueller
Asked by Graham if he would have signed the warrant application knowing what he knows now, Rosenstein replied, "No, I would not". Mueller's final report, released a year ago , detailed significant contacts between Russian Federation and the Trump campaign.

Steckelberg told analysts Zoom is planning to add more capacity to its data centers. He added that the pandemic had also resulted in a big spike in Zoom's number of free users, who can host calls up to 40 minutes long before being asked to pay. At the time of writing, Zoom has a market capitalisation of £46.65 billion and a price to earnings ratio of 1,150.44. Seven analysts surveyed by Zacks expected $203 million.

Zoom Video Communications Inc. demonstrated that paying customers have flocked to its virtual-meeting software, transforming the once-niche appmaker into a popular communications service and positioning it to benefit as the nature of work, school and life is upended.

Wuhan finds no new COVID-19 cases in city-wide testing
China registered five new coronavirus cases on Mon-day, down from 16 a day earlier, the National Health Commission said yesterday. Wuhan was the hardest hit of any Chinese city and accounts for the majority of the coronavirus deaths reported in the country.

Latest News