Tuesday, September 27, 2022

Zoom reaches first billion-dollar quarterly revenue

U.S.-based videoconferencing platform Zoom revealed on Monday that its Q2 revenue surpassed $1 billion, the first time in the company’s history.

In its financial report, the firm recorded in its second quarter of fiscal year 2022 (FY2022) announced that its quarterly revenue amounted $1.021.5 million, which represents an increase of 54 percent YoY.

“In Q2, we achieved our first billion-dollar revenue quarter while delivering strong profitability and cash flow,” said Zoom founder and CEO, Eric S. Yuan in a statement.

Zoom considered that drivers of total revenue included acquiring new customers and expanding across existing customers.

According to the figures, 2,278 customers contributed in more than $100,000 in trailing 12 months revenue, up approximately 131 percent from the same quarter of FY2021.

Additionally, the company stated its GAPP income, which is a financial statement that follows guidelines set by the Financial Accounting Standards Board (FASB). Zoom’s GAAP income from operations for Q2 was $294.6 million, up from $188.1 million in the same period last year.

Furthermore, the platform announced its Q2 non-GAAP income – after calculating its compensations that includes taxes and donations – that stood at $424.7 million, up from $277.0 million in Q2 of FY 2021.

Zoom said that the total revenue of the full fiscal year 2020 is expected to be $4.005 billion and $4.015 billion. While the non-GAAP income from operations is forecasted to be between $1.500 billion and $1.510 billion.

While Zoom’s Q2 2022 results were solid, experts close to the matter considered it weak compared to its 2021 performance, when the COVID-19 pandemic drove businesses and individuals to heavily rely on Zoom.