Zoom revenue increased by 169% and reached $328.2 million in the first quarter of 2020, as people are using video conferencing services more than ever in order to stay in touch with each other during COVID19 lockdowns.
Zoom recently shared ts 2020Q1 results and 2021 predictions.
- The company’s revenue reached $328.2 million with a 169% year-over-year increase.
- In the first quarter, net income increased 6-fold to $58.3 million.
- The number of its customers with more than 10 employees increased by 354% and rose to 265,400, compared to the same quarter of last year.
- Revenue from 769 customers who contributed Zoom with more than $100,000 increased by nearly 90% since the same quarter of the last year.
- As you know, schools in many countries moved online due to Coronavirus. According to Zoom’s data, more than 100,000 K-12 level schools in the world chose Zoom for ‘’the best online education experience.’’
We were humbled by the accelerated adoption of the Zoom platform around the globe in Q1. The COVID-19 crisis has driven higher demand for distributed, face-to-face interactions and collaboration using Zoom. Use cases have grown rapidly as people integrated Zoom into their work, learning, and personal lives.
I am proud of our Zoom employees who dedicated themselves to support customers and the global community during this crisis. With their tremendous efforts, we were able to provide high-quality video services to new and existing customers.Eric S. Yuan, Founder and Chief Executive Officer of Zoom