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Zoom earnings increased as the service becomes pandemic norm


Arhama AltafWeb Editor

03rd June, 2020
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Zoom reported that its earnings ultimately surged as the video-chatting platform is quite popular these days amidst Coronavirus lockdown restrictions.

According to Zoom, the company made a profit of $27 million on revenue that leapt 169% to slightly more than $328 million in the fiscal quarter that ended April 30.

Whilst the ongoing global pandemic situation, people are bound to work from their homes, only solution of video calling has left, even family meetings are also surrounded online.

In the same quarter a year earlier, Zoom reported zero dollars per share in net income for stockholders.

“The COVID-19 crisis has driven higher demand for distributed, face-to-face interactions and collaboration using Zoom,” founder and chief executive Eric Yuan said.

The quarter ended with Zoom having approximately 265,400 paying customers with at least 10 employees each — an increase of 354 percent from the first quarter in 2019, according to the statistics.

The earnings come with Zoom under pressure to deal with security and privacy as the platform faces scrutiny from rising usage.

It has taken heat over uninvited cyber guests disrupting online meetings with a tactic called ‘zoombombing.’

Zoom was originally built for businesses with dedicated IT teams to handle implementing security features, but first-time users flocked to the service to work or socialize from home due to the pandemic.

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