The video conferencing company’s stock soared roughly 23 percent, and its second quarter sales are up 355 percent from last year.
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If there is one company the pandemic has been good to, it’s Zoom. Over the course of quarantine, the video-conferencing company has skyrocketed to prominence: It’s achieved verb status. And now, its earnings are reflecting that in grand fashion. On Monday, the company significantly surpassed its own projected second quarter sales, with revenue up 355 percent from the same period last year. In May, June and July, Zoom hit $663.5 million in sales, compared to $622.3 million in all of 2019.
Its stock soared 23 percent Monday night, with earnings of $0.92 a share (up from the projected $0.45 a share). In a call with analysts, Zoom CEO Eric Yuan says that part of Q2’s gains were thanks to big new customers like Exxon Mobile and Activision Blizzard.