Despite security concerns and reports of possible links to China, Zoom Video Communications has to be considered one of the biggest beneficiaries of the COVID-19 pandemic. As much of the world has been working from home and relying on technology to stay in touch with loved ones amid strict stay-at-home orders, video conferencing apps saw an unprecedented surge in usage, with Zoom one of the most popular options available.
“We were humbled by the accelerated adoption of the Zoom platform around the globe in Q1,” said Eric S. Yuan, Founder and Chief Executive Officer of Zoom in the company’s earnings release for the three months ended April 30. “The COVID-19 crisis has driven higher demand for distributed, face-to-face interactions and collaboration using Zoom. Use cases have grown rapidly as people integrated Zoom into their work, learning, and personal lives.”
As the following chart shows, Zoom saw its revenue skyrocket in the past three months, accelerating an already impressive upward trend. In the quarter ended April 30, total revenue for the video conferencing company amounted to $328 million, up 169 percent from the same period of last year. For the ongoing quarter, Zoom expects another jump in revenue to $495 to $500 million as working from home will remain highly prevalent as long as the pandemic hasn’t run its course.