San Francisco | Soaring demand for the Zoom video conferencing service exceeded even the most optimistic Wall Street forecasts in the latest three months, lifting quarterly revenue higher than the company reported for the whole of 2019.
The boom fuelled a 25 per cent leap in Zoom’s shares in after-market trading on Monday and left it with a stock market value of $US114 billion ($155 billion), more than four times the value of Telstra.
The company, whose name has become almost synonymous with working and learning from home during the pandemic, reported revenue of $US663.5 million for the quarter to the end of July – a 355 per cent increase from the year before – and an acceleration from the 270 per cent growth in the months after the pandemic hit.
Most analysts had expected quarterly revenue of about computer science vs software engineering million. Revenue for the year ended in January was $US623 million.
Zoom’s ability to reach a massive new global audience has made it one of the biggest corporate winners from the crisis. Still, the scale of the demand has also brought problems, leading to a temporary service failure last week just as schools around the US asked students to log in for classes.
No comments:
Post a Comment