Zoom earnings strong at close of pandemic-plagued year | Inquirer Business
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Zoom earnings strong at close of pandemic-plagued year

/ 10:34 AM March 02, 2021

SAN FRANCISCO — The Zoom video conferencing platform on Monday reported a strong finish to its fiscal year as revenue and use soared due to the pandemic.

The quarterly earnings report came with a forecast by the company that it will grow some 40 percent in the current year despite the likelihood that vaccines will make remote work and school less of a necessity.

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Zoom video conferences have become a centerpiece of life during the pandemic, as people use them for jobs, education, and socializing.

“The fourth quarter marked a strong finish to an unprecedented year for Zoom,” chief executive Eric Yuan said in an earning release.

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“We are humbled by our role as a trusted partner and an engine for the modern work-from-anywhere environment.”

Zoom took in revenue of $882.5 million during the fiscal quarter that ended January 31, in a 369 percent increase from the same period a year earlier before lifestyles went remote due to Covid-19.

Net income in the quarter was $260.4 million compared to $15.3 million in the same period a year earlier, according to the earnings report.

Zoom said that at the end of January it had approximately 467,100 customers with workforces of more than 10 employees, an increase of 470 percent from the same quarter the prior year.

“Our ability to rapidly respond and execute drove strong financial results throughout the year,” Yuan said.

“We believe we are well positioned for strong growth with our innovative video communications platform.”

Zoom expected revenue of $900 million to $905 million in the current fiscal quarter, and revenue of at least $3.7 billion this fiscal year.

Zoom shares were up more than eight percent in after-market trades that follow release of the earnings figures.

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TAGS: Business, coronavirus pandemic, COVID-19, Earnings, Internet, Zoom
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