Zoom Triples Revenue – AllNews Nigeria
Zoom on Wednesday said it was still profiting massively from the pandemic-induced shift to working life, almost tripling its revenue in the last quarter.
The profits jumped to 227.4 million dollars from 27 million dollars a year earlier, Zoom reported after the U.S. stock market closed on Tuesday.
The video conferencing service saw revenue jump by 191 percent to 956.2 million dollars in the first fiscal quarter of the year, which ended in late April.
The figures easily exceeded analysts’ expectations. Zoom is also preparing for many workers to return to its offices.
Chief executive Eric Yuan’s plans include positioning Zoom for use in businesses as a phone service as well as a video conference platform.
During the COVID-19 pandemic, Zoom saw a major increase in usage for remote work, distance education, and online social relations.
Thousands of educational institutions switched to online classes using Zoom. The company also offered its services free to K–12 schools in many countries.
By February 2020, Zoom had gained 2.22 million users.