Zoom, the Chinese video conferencing app, naturally had one of its best quarters in 2020 as per its latest earnings report. This is mainly due to the increased usage of the platform by millions for casual and official purposes since most were at homes during the pandemic lockdown. As per the earnings, Zoom reported a revenue generation of $328 million in February and April quarter. For reference, this is more than double of what the company earned in the same time last year – $122 million.
Although Zoom has not revealed exactly how many people it has added to its platform in the last quarter, it did reveal that there were an ‘unprecedented number of free participants.’ The list also included over 100,000 K-12 schools. Adding to this is around 265,400 customers that have more than 10 employees, which again is a number that grew by 354%. However, all these aside, the expenses of Zoom also come to double this time at $201 million.
“We were humbled by the accelerated adoption of the Zoom platform around the globe in Q1. The Covid-19 crisis has driven higher demand for distributed, face-to-face interactions and collaboration using Zoom. Use cases have grown rapidly as people integrated Zoom into their work, learning, and personal lives,” said Eric S. Yuan, Founder and Chief Executive Officer of Zoom in a statement. “I am proud of our Zoom employees who dedicated themselves to support customers and the global community during this crisis. With their tremendous efforts, we were able to provide high-quality video services to new and existing customers.
It is worth adding that Zoom’s controversy on video calling security and user privacy helped it stay in the headlines over the past couple of months. The firm did say it is working on end-to-end encryption but it hasn’t been implemented yet.
