Once the pandemic settled in, and people started working from home, what could’ve been an email shortly transformed into online meetings. Besides Microsoft’s Teams, Zoom became the preferred tool of communication.
The usage translated into numbers, and yesterday when the company released its Q1 financial report, people were amazed.
The company had a $27 million net income, meaning an EPS of 9 cents, compared to the same quarter last year of $200,000 and under a penny EPS.
This quarter’s revenue increased by 169% to $328.2 million from last year’s $122 million.
Zoom forecasts for the next quarter are also showing an increase. Expectations are double those of analysts: from the company’s point of view, they will grow up to $495 to $500 million. By the end of the year, they expect revenue of up to $1.8 billion, with an adjusted EPS of $1.29.
In market capitalization, it exceeded the $50 billion milestone on Friday. Zoom’s stock price increased by 206% this year, while USA500 lost 4.6%.
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Sources: thestreet.com, marketwatch.com, theguardian.com