Saturday, May 8, 2021

Zoom hit record high revenue in 2020: Report

The video conferencing platform emerged the most preferred during COVID-19 lockdown, making it witness explosive growth.

• April 19, 2021

Popular video conferencing platform, Zoom, witnessed a surge in its 2020 revenue, following extensive work-from-home situations enforced COVID-19 pandemic, data indicate.

Data released by Buy Shares, said although Zoom generated revenue through its fiscal year 2021, it hit a record quarterly revenue of $882.5 million in Q4 FY 2021, almost a 370 per cent increase year-over-year.

In the past one year, organisations have settled for virtual meetings with Zoom being the most preferred platform amidst the surge in COVID-19 pandemic.

The video conferencing platform emerged the most preferred during COVID-19 lockdown, making it witness explosive growth.

The surge in the number of users led to a 700 per cent revenue growth in two years, as it also served as a platform for holding virtual concerts and parties.

Zoom’s earning report in 2019 indicated that the company generated $330.5 million in revenue.

Over the next twelve months, the figure hiked to $626.6 million, driven by a strong Q4 FY 2020, matching the period between January and March 2020. 

Zoom’s quarterly revenue jumped by 78 per cent Year-over-Year in the three-month period and hit $188 million.

The revenue rose to $328.1 million in the second quarter of the calendar year 2020. 

“Statistics show this figure more than doubled in the next three-month period and hit $663.5 million,” the report said.

Zoom had the highest quarterly revenue between January and March 2021, causing annual revenues to rise above the expectations to $2.65bn.

The report indicates that $1.83bn was generated in the Americas as the largest Zoom market. 

“Users from the EMEA region, as the second-largest market, generated $486 million in revenue. Asia followed with $332.8 million, respectively.”

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