Zoom’s Quarterly Revenue Exceeded $1 Billion for the First Time

Zoom Video Communications Inc.’s quarterly revenue surpassed $1 billion for the first time in the company’s history, totaling $1.2 billion.

The revenue growth was higher than Wall Street had expected. However, the growth rate is lower than last year, when revenue more than quadrupled: along with the lifting of the quarantine, demand for video communication services is weakening.

At the end of the quarter, Zoom has about 504,900 users (previously there were 497,000).

Meanwhile, the company’s Q2 profit rose to about $317 million and revenue reached $10,000,000. A year earlier, those numbers were $186 million and $663,500,000, respectively.

The company now expects annual revenue to reach $4.01–4.02 billion (previous guidance was $3.98–3.99 billion) and earnings per share of $4.75–4.79 (previous range was $4.56–4.61 per share).