Zoom, which seems to arguably be the world’s leading video calling/communication platform, has released its revenue for the fourth quarter of the financial year of 2020. The numbers posted by the company happen to be very impressive, and this does not come as a surprise as the pandemic forced individuals, groups, and organizations to meet virtually via video meetings. The coronavirus pandemic drove millions of new customers to the video calling service and turned it into a household name; Zoom proved to be an effective way of video meeting and communication.
Zoom generated $882.5 million in revenue in the fourth quarter of 2020 fiscal year. This is up by an incredible 369% year-over-year. The amount is quite overwhelming compared with its fourth quarter of 2019 when its revenue stood at $188 million.
The pandemic compelled individuals to work remotely; classes, meetings and related activities were held online, increasing dependence on video calls/conferencing. Zoom clearly capitalized on this, resulting in it’s staggering revenue figures. By the end of the company’s fourth quarter of its 2020 financial year, Zoom recorded over 467,000 users. True to its incredible revenue figures, Eric Yuan, founder and Chief Executive Officer of Zoom stated; ‘The fourth quarter marked a strong finish to an unprecedented year for Zoom. In 2020 fiscal year, we significantly scaled our business to provide critical communications and collaboration services to our customers and the global community in response to the pandemic’.
Zoom’s total revenue for the financial year 2020 was $2.65 billion, a 365% increase, compared to the same time period in the previous year.
Even as people start to resume to officers and meet physically in places all over the world, Zoom’s Chief Executive Officer, Eric Yuan has expressed his confidence that Zoom will continue grow exponentially. He mentioned this in a press statement, stating that; ‘As we enter FY2022, we believe we are well positioned for strong growth with our innovative video communications platform, on which our customers can build, run, and grow their businesses; our globally recognized brand; and a team ever focused on delivering happiness to our customers’.
Even after the pandemic comes to an end, Zoom will continue to hold the record for being the pioneer platform that effectively allowed people to hold meetings online.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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