Zoom Revenues Jump 355 Percent

Posted on August 31, 2020 by Paul Thurrott in Cloud with 0 Comments

Zoom reported net income of $4.2 million on revenues of $663.5 million for the quarter ending July 31, big jumps from the year-ago quarter: Net income is up 29 percent while revenues surged 355 percent.

“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,” said Zoom founder and CEO Eric S. Yuan said in a prepared statement. “At Zoom, we strive to deliver a world-class, frictionless, and secure communication experience for our customers across locations, devices, and use cases.

By the end of the quarter, Zoom had about 370,000 customers with 10 or more employees, a gain of 458 percent year-over-year.

If Zoom’s financial and users numbers seem small, that’s because the firm was previously caught grossly exaggerating its user base size. And while Zoom has become synonymous with video calling during the COVID-19 pandemic, it’s pretty clear that most of its users don’t pay.

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