Zoom posts 191% quarter growth in remote work, learning era

Video chat and collaboration app Zoom on Wednesday reported another strong quarter with a 191 per cent growth in sales (on-year) in its first quarter of fiscal year 2022, as remote work and learning continue in the pandemic times

Reporting a total revenue of $956.2 million in its first quarter, Zoom has raised its total guidance range to $3.975 billion to $3.990 billion for the full fiscal year.

“Our steadfast commitment to empowering customers to work and learn from anywhere with our expansive, innovative, and frictionless video communications platform continued to drive our results,” said Zoom founder and CEO, Eric S. Yuan.

“We are energised to help lead the evolution to hybrid work that allows greater flexibility, productivity, and happiness to both in-person and virtual connections,” he said in a statement.

The company has approximately 497,000 customers with more than 10 employees, up approximately 87 per cent from the same quarter last fiscal year.

It has 1,999 customers contributing more than $100,000 in trailing 12 months revenue, up approximately 160 per cent from the same quarter last fiscal year.

“Work is no longer a place, it’s a space where Zoom serves to empower your teams to connect and bring their best ideas to life,” Yuan said.

For the full fiscal year 2021, Zoom’s total revenue was $2,651.4 million, up 326 per cent year-over-year.

In an era of video meet apps, Zoom which saw its popularity skyrocketed as the world observed social distancing is proactively identify, address and enhance the security and privacy capabilities of its platform, aiming to allay privacy and security fears.