Most of the world is still very much in lockdown as governments try to curb the spread of COVID-19 among citizens and that means that many folks are still working from home.
The company that has become the unexpected noun for video conferencing – Zoom – has made a lot of money off of folks having to work from home given its financial report for the first quarter of this year ending 30th April.
“We were humbled by the accelerated adoption of the Zoom platform around the globe in Q1. The COVID-19 crisis has driven higher demand for distributed, face-to-face interactions and collaboration using Zoom. Use cases have grown rapidly as people integrated Zoom into their work, learning, and personal lives,” said Zoom founder and chief executive officer, Eric Yuan.
Humbled seems like the wrong word though because in the first quarter Zoom drew in revenue of $328.2 million. That’s a 169 percent increase year-on-year.
That revenue was helped along by some 265 400 customers with more than 10 employees joining the service. That’s in increase of 354 percent from the same quarter last year.
Regarding free users, Zoom said that it would allow schools to make use of the platform for free and over 100 000 schools around the world took it up on its offer.
Of course, it hasn’t been an easy ride for Zoom. The platform has been targeted by hackers as it rose in popularity.
The CEO addressed this and outlined how Zoom would tackle security and privacy. These measures included a feature freeze and a review of Zoom’s security.
While it might’ve been obvious that Zoom was doing well during the pandemic and subsequent lockdowns, it’s nice to have some data to back that up.
Just erm, remember not to tweet out your Zoom meeting credentials please.