Jun 2, 2020 - Technology
Zoom revenues and profit soar as pandemic propels videoconferencing
Zoom saw revenue more than double and bulked up what had been a razor-thin profit margin in the three months ending April 30, the company reported Tuesday.
The big picture: The report marks Zoom's first of the pandemic era, as the company went from insurgent enterprise video-conferencing startup to global powerhouse.
- Revenue came to $328.2 million, up 169% year over year and well above the $203 million Wall Street reportedly expected.
- Net income came to $27.0 million, or $0.09 per share, up from $198,000, or roughly break-even per share, in the year-ago quarter. Analysts had been projecting $0.01 per share.
- The company counted roughly 265,400 enterprise customers with more than 10 employees, up 354% year over year.
Zoom shares were up modestly in after-hours trading following the report.