Zoom Video Communications Inc., announced record earnings since the usage increased by several times during the pandemic. The company registered significant growth in its customer base that picked up and recorded at 458.4% y-o-y in the Q2 2021 and number of customers registered was 370,200.
At the end of the quarter, the video conferencing company had as many as 988 customers and accounted for $100,000 in “trailing” revenue of 12 months, which was up by as much as 112%.
There was an increase of 355% in the second-quarter fiscal revenue over the years and was valued at $663.5 million. This figure was much higher than what analysts and company experts had anticipated.
According to CFO Zoom, Kelly Steckelberg, “For the quarter, the year-over-year growth in revenue was primarily due to subscription provided to new customers, which accounted for approximately 81% of the increase, while subscriptions provided to existing customers accounted for approximately 19% of the increase”.
Forecasts of Revenues-
Experts are also of the opinion that the growth was impressive for the video conferencing. Zoom’s business grew at the rate of 288% yearly which led to a global record of 628% annually.
According to Zoom’s guidance for fiscal 2021, it is anticipating that the total revenue will range between $2.37 billion and $2.39 billion and it is expecting a figure between $2.40 and $2.47 as far as non-GAAP EPS is concerned.
Zoom conferencing will continue to see exceptional results in stock prices and revenue till the time the pandemic does not end. What will be a much-awaited scenario is how the company performs when the virtual meetings become in-person meetings again. But when will we embrace the time when the Corona virus does not haunt us anymore, is uncertain.