Zoom rides pandemic to another quarter of growth

The onset of the COVID-19 pandemic has meant explosive growth for Zoom, which offers videoconferencing services to thousands of businesses. Revenue for the company quadrupled from a year prior.

By

National News

September 1, 2020 - 9:37 AM

SAN RAMON, Calif. (AP) — Zoom’s videoconferencing service is deepening its integral role in life during the pandemic as tens of thousands more businesses and other users pay for subscriptions to get more control over their virtual meetings.

The surge in paying customers enabled Zoom to hail another quarter of explosive growth. The company on Monday reported that its revenue for the May-July period more than quadrupled from the same time last year to $663.5 million, boosted by a steadily rising number of users converting from the free to paid version of Zoom’s service.

Zoom finished its fiscal second quarter with 370,200 customers with at least 10 employees, a gain of about 105,000 customers from the end of April. Just a year ago, Zoom only had 66,300 customers with at least 10 employees paying for subscriptions.

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