One of the prime winners of coronavirus pandemic was Videoconferencing app Zoom, as its profits doubled for the quarter ending 31 July.
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Zoom Revenues surged more than 350% to reach $663.5m, easily topping analysts’ outlook of $500.5 millions during the 2nd quarter this year. Company Profits rose to $186m, while customer growth surged 458%, year over year.
Video conferencing apps appeared as a major player due to the surge in need of isolated working schedules.
In the latest stock market session, Zoom’s shares jumped to record high, before closing at $325.10, after the company gave an upbeat outlook for the year that was way more than its previous forecast of $1.78 billion -$1.80 billion.
One of the major factors behind Zoom’s triumph was its knack to add paying customers and bigger corporate clients – as opposed to those who use its services for free.
The statement released by the company said that during the previous three months period its high-end clients – firms that produced more than $100,000 in revenue in the last year expanded to 988.
Zoom, was not the only player to benefit from this critical period its arch rivals Cisco Webex and Microsoft Teams, have also bolstered their revenues thanks to their video conferencing platforms since coronavirus lockdown measures were enforced by most of the nations of the world.
Meanwhile Zooms popularity has a setback, as the hackers managed to hijack meetings showing security shortcomings.
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