Business

Zoom stock soars after blowout earnings report

Stock for video-conferencing software Zoom, which has found its business at the right place at the right time as the world turned virtual almost overnight, opened some 35% up Tuesday morning after a blowout earnings report.

Zoom reported Monday evening second quarter revenue of a whopping $663.5 million, up some 355% compared to the same period last year.

The company also reported a growing customer base, with more than 370,000 customers and more than 10 employees — a 458% increase from the same time period last year.

“Organizations are shifting from addressing their immediate business continuity needs to supporting a future of working anywhere, learning anywhere, and connecting anywhere on Zoom’s video-first platform,” Zoom founder and CEO Eric S. Yuan said in a statement announcing the earnings. “At Zoom, we strive to deliver a world-class, frictionless, and secure communication experience for our customers across locations, devices, and use cases.”

Moreover, Zoom raised its financial outlook for the rest of the year, expecting total revenue for the third quarter to be between $685 million and $690 million, and total revenue for the fiscal year to hit between $2.37 billion and $2.39 billion, citing “the demand for remote work solutions for business.”

As the coronavirus pandemic forced many businesses and schools to turn remote, Zoom has been one of the handful of companies in a position to succeed amid the COVID-19 financial crisis.

Since the beginning of the year, Zoom’s stock has soared more than 500%.

Source:

abcnews.go.com

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