Home TypeNews Zoom revenue increases by 355% over last year

Zoom revenue increases by 355% over last year

by Stuart Wood

Zoom shares hit a record high on Monday, as the video conferencing platform released its financial results for Q2 of 2020.

Zoom earned more money in the last three months than it did in all of 2019. Revenue was 355% higher than the same time last year, reaching $663.5m.

The company reported adjusted earnings of $0.92 per share, above the $0.45 per share predicted.

Zoom has seen an increase in paying customers for Q2 2020. The report says approximately 370,200 customers are businesses with more than 10 employees, up approximately 458% from the same quarter in 2019. 

CEO Eric Yuan, speaking in an earnings call following the report, said the company has taken on a number of large businesses as clients, including oil and gas firm ExxonMobil.

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