Company’s 1Q Total Revenue Jumped 191% Year-On-Year
Zoom Video soared during Wednesday’s premarket trading. Its shares added 2%, pushed higher by excellent April quarter performance. People’s work-from-home lifestyle also helped Zoom raise guidance for this financial year.
Zoom is one of the companies which have benefited from the pandemic. As soon as people were obliged to work from home, companies, schools, and individuals resorted to Zoom’s application to conduct video meetings, make video calls, and get in touch with one another.
Zoom app has user-friendly features and, therefore, was more preferred by the public during the national lockdowns. People turned away from Google Meet and Microsoft Teams to sign up with Zoom.
Although many economies are reopening and people are returning to their workplaces, Zoom owners do not think that the company’s heyday is over. They now expect total revenue for the full fiscal year 2022 to be between $3.97 billion and 3.99 billion. This is a significant rise from $3.76 billion and $3.78 billion forecast earlier.
Zoom’s first quarter total revenue soared 191% year-on-year to $956.2 million. Its GAAP net income grew more than 8 times to $227.4 million, up from $27 million. At the end of April 2021, Zoom boasted 497,000 customers with more than 10 employees. This figure is 87% up from the same period in 2020.
