Zoom quadruples its revenue in third quarter

New Delhi: Riding on the pandemic-driven remote work, video conferencing app Zoom has once again quadrupled its quarterly revenue, registering $777.2 million in its third fiscal quarter that ended on October 31 up 367 per cent (year-over-year). This is second quarter in a row that Zoom's revenue has quadrupled, and the company expects an increased total revenue outlook of approximately $2.575 billion to $2.580 billion for fiscal year 2021 approximately 314 per cent increase year-over-year. The company said in a statement late on Monday that it now has approximately 433,700 subscribers with more than 10 employees, up from 370,200 last quarter.

The number of customers contributing more than $100,000 in revenue is now 1,289 up 136 per cent from last year. "We remain focused on the communication needs of our customers and communities as they navigate the current environment and adapt to a new world of work from anywhere using Zoom," said Zoom Founder and CEO Eric S. Yuan. In the face of the tough competition coming from Microsoft Teams, Google Meet and Slack, Zoom has maintained its popularity.

"We aspire to provide the most innovative, secure, reliable, and high-quality communications platform to help people connect, collaborate, build and learn on Zoom," Yuan said. For its fourth quarter for the fiscal year 2021, Zoom expects revenue between $806 million and $811 million. "We expect to strengthen our market position as we finish the fiscal year with an increased total revenue outlook of approximately $2.575 billion to $2.580 billion for fiscal year 2021, or approximately 314 per cent increase year-over-year," Yuan said.