June 2, 2020 | 5:10 pm
The COVID-19 pandemic changed work habits, as companies were forced to meet through platforms in the confinement, and Zoom was one of the most benefited.
Between February and April – its first fiscal quarter – the videoconferencing company’s revenues rose 169% annually to $ 328.2 million, mainly due to the higher demand for the service.
We are honored by the accelerated adoption of the Zoom platform worldwide in the first quarter. The COVID-19 crisis has fueled an increased demand for Zoom face-to-face interactions and collaboration. Its use has grown rapidly as people integrated Zoom into their work, learning, and personal lives,
Zoom CEO Eric Yuan said.
Zoom reported an increase of 265,400 clients with more than 10 employees, an increase of 354% compared to the same period of the previous year.
Cash flow went from $ 15.3 million to $ 251.7 million.
For the second quarter of the year, the US firm estimates revenues between 495 and 500 million dollars and for the whole year between 1,775 million and 1,800 million.
The firm has come under scrutiny from users due to security flaws and privacy protections, so it has implemented measures to make meetings safer.
Zoom’s shares, which gained 1.92% on the day, advanced more than 4% after the presentation of the report, and later fell more than 3%. The stock has gained more than 200% so far this year.
The company’s capitalization value topped $ 50 billion for the first time on Friday, and its shares, which debuted at $ 36 last year, closed above $ 200 for the first time on Monday.