Billion dollar Zoom as income rises
By Richard Wright | 31st August 2021
Zoom - the videoconferencing platform - has recorded its first billion-dollar quarterly income.
Total revenue for the second quarter was $1,021.5 million (£742.58 million), up 54% year on year. Profits climbed 71% to $317m (£230.44).
Eric Yuan, CEO and founder, said: "Today we are a global brand counting over half a million customers with more than 10 employees, which we believe positions us extremely well to support organizations and individuals as they look to reimagine work, communications, and collaboration."
Use of the platform surged during Covid lockdowns - for work, social use and education.
People returning to work and the easing of lockdown restrictions is expected to impact on use, as is the challenge of rival systems like Microsoft Teams and Cisco's Webex.
Shares fell 11% as forecasters predict a continued rise in income but at a slower rate than previously.
The tech firm said the second quarter of 2021 had also marked several milestones in its expansion, launching Zoom Apps and Zoom Events.
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