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Zoom founder Eric Yuan in New York on the day of the firm's 2019 IPO. Photo: Kena Betancur/Getty Images

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.

Details:

  • 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.

Go deeper

Dion Rabouin, author of Markets
Sep 1, 2020 - Economy & Business

Apple, Tesla and Zoom power Nasdaq to new record high

Expand chart
Data: FactSet; Chart: Axios Visuals

Tech stocks had a big day on Monday led by gains in three companies, even as U.S. equities broadly ended the day lower.

What happened: Tesla rose 12.5% during the session as traders were again inexplicably lured by its lower share price due to a five-to-one stock split. Apple added 3.5% and Zoom gained 8.6% during the day with its stock jumping by nearly 10% in after-hours trading after posting better-than-expected Q2 earnings.

2 mins ago - Health

Biden administration to lift travel ban for fully vaccinated international travelers

Photo: Win McNamee/Getty Images

White House COVID-19 response coordinator Jeff Zients announced on Monday that the Biden administration will allow fully vaccinated travelers from around the world to enter the U.S. beginning in November.

Why it matters: The move marks the end of the ban on most European visitors put in place under former President Trump in March 2020.

Dan Primack, author of Pro Rata
17 mins ago - Economy & Business

Gen Z breaks into VC

Illustration: Aïda Amer/Axios

When Meagan Loyst joined VC firm Lerer Hippeau, less than two years out of Boston College, she was still living with her parents. She had virtually no online brand presence, and the pandemic made it impossible to build a professional network via in-person meetings.

Why it matters: Loyst wasn't alone. Venture firms have accelerated hiring in line with record deal activity, often seeking younger investors who can spot trends that fly below the radar (or intrinsic understanding) of older partners.

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