Zoom revenues grow 169% because of lockdowns

Anne Freier | June 10, 2020

App Business

As lockdowns are keeping people apart, more of us are using video chats and messengers to communicate with family and friends globally.

Zoom has quickly emerged as a popular solution for business and private use. Its revenues jumped 169% to $328.2 million during the first quarter of the year.

Now, the company has adjusted its forecast for the year to $1.8 billion, up from an estimated $915 million previously.

“We were humbled by the accelerated adoption of the Zoom platform around the globe in Q1. The COVID-19 crisis has driven higher demand for distributed, face-to-face interactions and collaboration using Zoom. Use cases have grown rapidly as people integrated Zoom into their work, learning, and personal lives,” said Eric S. Yuan, Founder and Chief Executive Officer of Zoom.

“I am proud of our Zoom employees who dedicated themselves to support customers and the global community during this crisis. With their tremendous efforts, we were able to provide high-quality video services to new and existing customers.

The company reported that its customers with at least 10 employees rose 354% to 265,400 as more of them began to work remotely.

Net income increased six-fold to $58.3 million.

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