Courtesy COVID, Zoom reports 355% rise in revenue, 458% gain in customers

San Francisco:  Zoom Video Communications has posted solid results in the fiscal second quarter which ended on July 31 with total revenue hitting $663.5 million, a growth of 355 per cent year-over-year as new customers joined the platform amid Covid-19 restrictions.

Zoom said on Monday that at the end of Q2 it had approximately 370,200 customers with more than 10 employees, up approximately 458 per cent from the same quarter last fiscal year.

“Our ability to keep people around the world connected, coupled with our strong execution, led to revenue growth of 355 per cent year-over-year in Q2,” Zoom Founder and CEO, Eric Yuan, said in a statement.

With more and more people using the platform to deal with Covid-19 restrictions, Zoom increased its revenue outlook to approximately $2.37-$2.39 billion for FY21, or 281 per cent to 284 per cent increase year-over-year.

The company said GAAP income from operations for the fiscal second quarter was $188.1 million, compared to $2.3 million in the second quarter of fiscal year 2020.

Non-GAAP net income for the quarter was $274.8 million, after adjusting for stock-based compensation expense and related payroll taxes, expenses related to charitable donation of common stock, acquisition-related expenses, and undistributed earnings attributable to participating securities.

Zoom said that in the fiscal third quarter, total revenue is expected to be between $685 million and $690 million and non-GAAP income from operations is expected to be between $225 million and $230 million.

The US-based platform suffered a widespread partial global outage last week for several hours.

(Except for the headline, this story has not been edited by The Kashmir Monitor staff and is published from a syndicated feed.)