Zoom revenues soar as profits double

Nepalese Australian

videoconferencing app Zoom

Popular videoconferencing app Zoom has seen its revenues skyrocket as second-quarter profits more than doubled due to the coronavirus crisis, BBC reported.

Revenues leaped 355% to $663.5m (£496.3m) for the three months ending 31 July, beating analysts’ expectations of $500.5m.

Profits soared to $186m, while customer growth rose 458%, compared with the same period in 2019.

Video conferencing apps remain crucial due to the increase in remote working.

Zoom’s shares hit a record high on Monday, closing at $325.10, as the firm raised its annual revenue forecast by more than 30% to the range of $2.37bn-$2.39bn, from its previous projection of $1.78bn-$1.80bn.

Key to Zoom’s success was its ability to add paying customers – high-budget corporate clients – as opposed to those who use its services for free.

(With inputs from Agencies)