Zoom Subscriber Growth Slows as People Return to Classrooms and Offices, Posts Big Quarter Nevertheless
Zoom took in revenue of $882.5 million (roughly Rs. 6,480 crores) during quarter that ended January 31
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.
Zoom video conferences have become a centerpiece of life during the pandemic, as people use them for jobs, education, and socialising.
“The fourth quarter marked a strong finish to an unprecedented year for Zoom,” chief executive Eric Yuan said in an earning release.
“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 (roughly Rs. 6,480 crores) 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 (roughly Rs. 1,910 crores) compared to $15.3 million (roughly Rs. 110 crores) 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 (roughly Rs. 6,600 crores) to $905 million (roughly Rs. 6,640 crores) in the current fiscal quarter, and revenue of at least $3.7 billion (roughly Rs. 27,160 crores) 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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