The video conferencing platform posted its first billion-dollar revenue quarter following a 54% increase year over year
Zoom headquarters in San Jose, California. (Credit: Coolcaesar/Wikipedia.org)
Zoom Video Communications has reported a net income of $316.9m for the second fiscal quarter ended 31 July 2021 (Q2 FY21), a 70% increase compared to $185.9m for the same period of the previous fiscal year.
The video conferencing platform’s diluted earnings per share (EPS) for the reported quarter were $1.04 compared to $0.63 in Q2 FY20.
For the six months that ended 31 July 2021, the company reported a net income of $544.3m, compared to a net income of $212.7m for the same six-month period of FY20.
Zoom’s revenue for Q2 FY21 was $1.02bn, which is an increase of 54% compared to revenue of $663.5m in the same period of the previous fiscal year. The company said that the increase in revenue was driven by the acquisition of new customers and expansion across existing customers among other factors.
At the end of Q2 FY21, the company had 2,278 customers, who contributed over $100,000 in the trailing 12 months revenue. This is an increase of nearly 131% from the same period of the last fiscal year, said the company.
Zoom had close to 504,900 customers with over 10 employees by the end of the reported quarter, which marks an increase of around 36% year-over-year (YoY).
For the reported six months, the company’s revenue stood at $1.97bn compared to revenue of $991.6m posted for the six months ended 31 July 2020.
The company expects to earn revenue of around $1.01bn in the third quarter of the fiscal year 2022. For the full fiscal year 2022, Zoom expects to register a revenue of over $4bn.
Zoom founder and CEO Eric Yuan said: “In Q2, we achieved our first billion-dollar revenue quarter while delivering strong profitability and cash flow.
“Q2 also marked several milestones on our expansion beyond the UC platform. We launched Zoom Apps, bringing over 50 apps directly into the Zoom experience, and Zoom Events, an all-in-one digital events service.
“Today we are a global brand counting over half a million customers with more than 10 employees, which we believe positions us extremely well to support organisations and individuals as they look to reimagine work, communications, and collaboration.”
Last month, the video conferencing platform signed an all-stock deal worth around $14.7bn to acquire Five9, a contact centre as a service (CCaaS) provider.