Zoom Sees Sales Boom amid Pandemic

Zoom, Video Conference Company, has announced that its sales jumped 169%, year-on-year in the first three months of this year to 30 April, to $328.2m, as it added more than 180,000 customers, far more than it had expected.

According to the report released on Tuesday June 3, 2020 to investors, the use of Zoom, shot 30-fold in April as the coronavirus pandemic forced millions to work, learn and socialize remotely.

At its peak, the firm counted more than 300 million daily participants in virtual meetings, while paying customers have tripled.

Zoom said it expects sales as high as $1.8bn (£1.4bn) this year – roughly double what it projected in March.

When the firm sold its first shares to the public last year, it was valued at $15.9 billion, an amout that has increased to more than $58bn as of Tuesday.

“What Zoom has done is kind of democratized video conferencing for all kinds of businesses and made it very simple for everyone from yoga instructors through to board room executives to deploy video,” says Alex Smith, senior director at Canalys.

Zoom’s 2020 first-quarter profit stood at $27m to exceed all profits made in the same period of previous years.