Zoom hit record high revenue in 2020: Report
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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