Audio By Carbonatix
Zoom's (ZM) revenue surged more than 350% in the second quarter, and profits rocketed by nearly 10 times as much, as companies signed up for the video conferencing app to connect staff working from home during the pandemic.
The California-based video communication service provider reported a net profit of $185.7 million for the quarter through July 31, up nearly 3,300% compared with a year earlier. Revenues in the quarter were $663.5 million, up 355%.

Its shares hit a record high on Monday ahead of the earnings statement, and then shot up by as much 28% in after-hours trading once the numbers were out.
"As remote work trends have accelerated during the pandemic, organizations have moved beyond addressing immediate business continuity needs to actively redefine and embracing new approaches to support a future of working anywhere, learning anywhere, and connecting anywhere," Zoom CEO Eric Yuan said Monday in an earnings call.
On the back of the strong results, Zoom raised its outlook for full-year revenues to between $2.37 billion and $2.39 billion.
Connection wherever you are. Now have efficient and effective communication in over 40 countries and territories across the globe with Zoom Phone. 🌎📞 https://t.co/DJmhXrwOMY pic.twitter.com/NAzEFUc3US
— Zoom (@zoom_us) August 26, 2020
Previously, it expected between $1.775 billion and $1.8 billion.
By the end of July, Zoom had about 370,000 corporate customers with more than 10 employees, up nearly 460% from a year ago.
Its biggest paying customers — those that pay more than $100,000 a year for the service — more than doubled to 988 compared with the same quarter a year ago.
On the earnings call, Yuan said that ExxonMobil (XOM) had become a Zoom customer in the quarter.
By geography, combined revenues from the Asia Pacific and Europe, the Middle East and Africa soared more than 600% to account for one-third of the total. Revenue from the Americas increased by nearly 300%.
"We will continue to invest in international expansion to capitalize on our brand awareness and the increased global opportunity," Yuan said.
The videoconferencing company announced in July that it will triple its existing workforce in India's financial capital, Mumbai, while also establishing new data centers in the tech hubs of Bangalore and Hyderabad.
But the exploding popularity has also caused some strains for the platform. Last month, it experienced outages in some parts of the world.
It also drew questions over the shutdown of a US human rights group's account in China after an event on the platform in remembrance of the Tiananmen Square massacre.
Latest Stories
-
NAIMOS seizes excavators and shuts down illegal Riverbank mining in Eastern Region
50 minutes -
NAIMOS dismantles illegal foreign mining network along the Bia River
57 minutes -
Zelensky signals progress in talks with US on peace plan
2 hours -
Policemen assaulted in Jirapa; AK-47 rifles stolen
4 hours -
Bibiani tragedy: Toddler killed by moving Toyota Pickup
4 hours -
Don’t scrap OSP – Anti-corruption CSO demands review
5 hours -
GIS, EU vow closer security cooperation to boost northern border control
6 hours -
IGP leads major show of force with new armoured fleet
7 hours -
Two female prison officers killed in ghastly crash
8 hours -
Abolish or Reform? Abu Jinapor counsels sober reflection on debate over future of Special Prosecutor’s Office
10 hours -
2026 World Cup: Can Ghana navigate England, Croatia, and Panama in Group L?
10 hours -
NAIMOS task force arrests 9 Chinese illegal miners, destroys equipment at Dadieso
10 hours -
NAIMOS advances into Atiwa Forest, uncovers child labour, river diversion and heavy machinery
10 hours -
NAIMOS Task Force storms Fanteakwa South, dismantles galamsey operations
11 hours -
The Kissi Agyebeng Removal Bid: A Look at the Numbers
11 hours
