Zoom sales exceed $1 billion in Q2
Steph Deschamps / September 1, 2021
The provider of video conferencing software Zoom reported quarterly revenue in excess of $1 billion for the first time. Its growth is starting to slow, however, and investors sent its U.S. stock down more than 10 percent at the close of trading.
Video conferencing has gained popularity with the coronavirus pandemic and the various confinements imposed to contain the spread of the virus. As telecommuting has become more common around the world, so has the need to rely on video conferencing software.
Zoom grew again in the second quarter of 2021 to $1.02 billion, an increase of more than 50 percent. Net income rose 70 percent to $316.9 million.
Zoom has met expectations, but this does not satisfy investors, who are looking ahead. More and more people are returning to the workplace, and Zoom has made a very cautious forecast for the future: growth of only 30% in the third quarter, compared with last year.
The application has long been preparing for the post-Corona era, when video conferencing will become less important. In July, it paid nearly $15 billion for the American company Five9, which provides call center services over the Internet. This is the biggest acquisition Zoom has ever made.