Wednesday, 03 March, 2021

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  • $4 billion in just hours: Zoom CEO’s wealth jumps on results

$4 billion in just hours: Zoom CEO’s wealth jumps on results

Zoom Stock Shoots Up To Record High After Q2 Revenue Rises 355% Zoom Revenues Jump 355 Percent - Thurrott.com
Melba Vasquez | 01 September, 2020, 20:41

The Nasdaq-listed company's revenue for the period reached $663.5m, more than four fold the previous year and exceeding Bloomberg's average analyst estimates of $500m.

On a conference call with investors, Zoom's chief financial officer Kelly Steckelberg said the company's gross profits will remain in the same range as the fiscal second quarter for the rest of the fiscal year.

With about 50 million Zoom shares, Yuan owns almost 29 percent of the company, up from the 22 percent ownership he had when the company went public in April 2019.

Shares of Zoom, which have surged nearly four-fold this year, rose 9.3 per cent to $355.30 after the bell.

Video conferencing platforms have become a vital part of day-to-day life for people stuck at home under the coronavirus-related restrictions, be it for work, school or socializing.

In a show of confidence, Zoom raised its revenue projection for its fiscal year ending in January to almost $2.4 billion, up from roughly $1.8 billion that the San Jose, California, company predicted in early June.

Since the start of the pandemic, Zoom has worked to convert the mass of free users into paying customers, which is important because the company relies on both its own data centers and cloud providers such as Amazon.com and Oracle Corp to provide its serving, meaning it must bear costs for free users.

CEO Eric Yuan says organizations are shifting from addressing their immediate needs, toward a future of working, learning and connecting anywhere.

Large customers - companies that generated more than $100,000 in revenue for Zoom in the past year - more than doubled to 988 during the quarter. One key metric - the number of Zoom customers with at least 10 employees - exploded to about 370,200 in the quarter, up 458% year-over-year.

Its popularity has also tested its capacity.

Wall Street analysts raised price targets for Zoom Video Communications ZM.O on Tuesday as its shares were set to hit record highs, while warning that a return to office work could hamper its success in luring small corporate customers.

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