Zoom’s (ZM) revenue surged more than 350% in the second quarter, and profits rocketed by nearly 10 times as much, CNN reveals.
During the coronavirus pandemic, companies signed up for the video conferencing app to connect staff working from home.
The video communication service provider reported a net profit of $185.7 million for the quarter through July 31 — up nearly 3,300% compared with a year earlier. Revenues in the quarter were $663.5 million — up 355%.
Zoom’s shares hit a record high on Monday, August 31, ahead of the earnings statement, and then shot up by as much as 28% in after-hours trading once the numbers were out.
“As remote work trends have accelerated during the pandemic, organizations have moved beyond addressing immediate business continuity needs to actively redefining and embracing new approaches to support a future of working anywhere, learning anywhere, and connecting anywhere,” Zoom CEO Eric Yuan said Monday in an earnings call.