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Zoom earned extra in three months than final 12 months

The video conferencing company's shares rose roughly 23 percent and revenue for the second quarter rose 355 percent year over year.

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September
1, 2020

1 min read

If there's one company that the pandemic was good for, it's Zoom. In the course of the quarantine, the video conferencing company has achieved a high priority: It has achieved verb status. And now the earnings reflect that in a great way. On Monday, the company significantly exceeded its own forecast sales in the second quarter and achieved a sales increase of 355 percent over the same period last year. Zoom had revenues of $ 663.5 million for May, June, and July compared to $ 622.3 million for all of 2019.

The stock rose 23 percent on Monday evening and posted earnings of $ 0.92 per share (up from a forecast of $ 0.45 per share). Speaking to analysts, Eric Yuan, CEO of Zoom, said some of the earnings in the second quarter were thanks to large new customers like Exxon Mobile and Activision Blizzard.

Related: Zoom is killing it financially thanks to remote working

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