Zoom reported its quarterly results, smashing expectations as the company’s revenue was up 355% year-over-year.
Zoom has become the de facto standard videoconferencing platform in the wake of the coronavirus pandemic. It is widely used by businesses, government agencies, schools, churches and individuals. Despite some early security and privacy missteps, the company has continued to address concerns and win customers.
Based on its quarterly results, those efforts have paid off in spades. The company reported quarterly revenue of $663.5 million, well above a consensus of $500 million, representing a 355% year-over-year increase.
“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. At Zoom, we strive to deliver a world-class, frictionless, and secure communication experience for our customers across locations, devices, and use cases,” said Zoom founder and CEO, Eric S. Yuan. “Our ability to keep people around the world connected, coupled with our strong execution, led to revenue growth of 355% year-over-year in Q2 and enabled us to increase our revenue outlook to approximately $2.37 billion to $2.39 billion for FY21, or 281% to 284% increase year-over-year.”
Interestingly, Zoom reported it has 988 customers that are paying more than $100,000 each, a 112% increase from the year-ago quarter.