Zoom Once Again Witnesses Explosive Growth During this Quarter

With the onset of the pandemic, Zoom has witnessed a sudden spike in its video conferencing service. No doubt, this platform has made our lives easier than before and has become an integral part of our lives. Many businesses have opted for this service and are even paying subscriptions to get control over their virtual meetings while they cannot attend office. Like the previous quarter, Zoom has hailed a surge in paying customers who are using the service. Zoom Once Again Witnesses Explosive Growth During this Quarter.

This week the company revealed that it has witnessed a surge in revenues for the May-July period. It is more than the quadrupled from the last year- the same period. The subscriber base and revenues increase are boosted by the rising number of users that were previously availing free version of the services but now have shifted to the paid version.

Zoom Once Again Witnesses Explosive Growth During this Quarter

The video streaming platform, Zoom, completed its fiscal second quarter with whooping 370,200 customers with 10 employees. It is gain of approximately 105,000 customers from the end of April. Surprisingly, last year, Zoom had only 66,300 customers with at least 10 employees paying for subscriptions.

The increase in money has helped the company earn $186 million and 66 cents per share. While telling about this good performance, Zoom CEO Eric Yuan said:

“Organisations are shifting from addressing their immediate business continuity needs to supporting a future of working anywhere, learning anywhere, and connecting anywhere on Zoom’s video-first platform,”

A few months back, Zoom had said that it might have to face subscriber’s cancellations and the deadly coronavirus has contained. But the result is quite unexpected and reveals that now more people are relying on this service than before. The company has emerged as the most accessible video conferencing service but recently, Zoom has suffered an outage when resuming online instruction summer break. The outage was for few hours only but it has highlighted the importance of this platform.

Also Read: Zoom to Rely on Third Party Apps for Provision of Services in China