Crazy about Zoom. In a period in which almost all international companies are facing heavy economic difficulties due to the Covid-19 pandemic, the Californian company that owns the famous App that allows you to make video calls and video conferencing group just posted a quarterly from Guinness.
In the fiscal second quarter (ended July 31, 2020), Zoom literally had doubled profits, while revenues increased by as much as 355%. Similar results were possible thanks to the lockdowns imposed around the world to contain the spread of Covid-19. Unable to move around, meet loved ones or have face-to-face business meetings, millions of people have flocked to Zoom to communicate remotely and work remotely despite the forced isolation.
A reality that brought Zoom's revenues to grow to 663,5 million dollars (equal to approximately 550 million euros) in the quarter. A result that follows the +169% recorded in the previous quarter and which largely exceeds the expectations of analysts, stopped at 500,5 million dollars.
- earnings reached $186 million (155 million euros), while the number of customers increased by 458% compared to the same period of the previous year. Monthly active users averaged 148,4 million in the second quarter, up 4.700% year-over-year, RBC analysts note based on data from SensorTower
Based on the results obtained, the company has decided to update its guidance upwards for 2020. The new estimates for annual revenues increase more than 30%, from $1,78-1,8 billion to $2,37- 3,39 billion.
These numbers have sent investors into raptures Wall Street On Monday 31 August, Zoom shares reached their all-time high on the Nasdaq, closing at $325,10 (+8,63%), while in today's session, 1 September, the stock gained 37,7% $447,8. It should be noted that compared to the beginning of the year, when it was necessary to pay out 68,7 dollars for a Zoom share, the stock has more than sixfold its value.
(Last update at 18.13 on 1st September).
