Zoom shares soar as earnings rocket

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Zoom shares soared after the video-meeting service reported that quarterly revenue rocketed as its ranks of users more than quadrupled.

Zoom said it made a profit of $186-million on revenue of $663.5-million in the quarter that ended on 31 July.after the video-meeting service reported that quarterly revenue rocketed as its ranks of users more than quadrupled.

"Organisations are shifting from addressing their immediate business continuity needs to supporting a future of working anywhere, learning anywhere, and connecting anywhere on Zoom's video-first platform," founder and chief executive Eric Yuan said in an earnings release. Zoom reported that it ended the quarter with approximately 370,000 customers that had more than 10 employees, more than four times as many than it had in the same period a year earlier.The increase in customers built on a surge in the previous fiscal quarter, and appeared to offset investor concerns that Zoom's popularity would decline when restrictions on movements ease and people can get back to seeing one another in person.

 

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