June 2, 2020
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With the video conference service Zoom, the popularity in the corona crisis is causing a steep growth in business. Sales and profits jumped in the first business quarter, which ended at the end of April. And Zoom assumes a permanent plus: For the entire business year, the US company expects to triple its earnings.
Zoom was originally intended for companies, but in the Corona crisis not only increased use in the home office, but also the use by private individuals as well as for sports courses, church services or education. There are now 300 million participants in video conferences per day – compared to 10 million in December.
In the past quarter, sales increased from $ 122 million to $ 328 million year-on-year (from € 109.75 million to € 295.07 million), as Zoom announced on Tuesday after the US market closed. The bottom line was around $ 27 million in profit after just around $ 200,000 a year earlier. Zoom now anticipates sales of up to $ 1.8 billion in the fiscal year ending January 2021. Last year, revenue increased 88 percent to $ 622 million – and just three months ago, Zoom had spent a good $ 900 million as a forecast for the current year.
Business growth was not a given, despite the explosive increase in usage. Because Zoom had lifted various restrictions on the free use of the service in the Corona crisis. As a result, the company did not make any money with many new users – while the infrastructure costs had increased. Just three months ago, the company itself warned that it was unclear whether the Corona boom would benefit in the long term. However, there has also been significant growth among paying customers in corporate business in recent months.
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