Zoom app Photograph:( Reuters )
Zoom, the video conferencing application has become extremely famous as work-from-home culture took the limelight, pushed partially by restrictions in place owing to COVID-19.
Zoom, the video conferencing application has become extremely famous as work-from-home culture took the limelight, pushed partially by restrictions in place owing to COVID-19. Based on the success enjoyed by companies due to new modes of working, Zoom's revenues have skyrocketed over the last year.
On Monday, the company announced that its revenues had jumped by 326 per cent, year-over-year, raking in $2.6 billion with little signs of slowdown by the end of the year. Sales had soared by 369 per cent in the last quarter to $882.5m.
“We are humbled by our role as a trusted partner and an engine for the modern work-from-anywhere environment. Our ability to rapidly respond and execute drove strong financial results throughout the year,” Eric Yuan, founder and CEO of Zoom, announced.
Zoom is nine-years-old and has become one of the many apps that found fame during the pandemic. Even though global workers complain about fatigue triggered by working remotely, many countries still have restrictions in place that prohibit people from working from their offices.
Zoom expects the upward trend to continue in 2021. In the first three months of 2021, the company hopes to generate revenues between $900-905 million, a figure much higher than previous estimates. Even then, vaccine distribution is in full swing in different parts of the world, and workers are expected to return to offices sometime this year, same as students.
Pandemic recovery could decide the shape of Zoom's future, with investors showing worry as global inoculation measures pick up the pace.