The current pandemic hasn't been kind to businesses worldwide, and most businesses have reported lower ear revenues, fired or furloughed a fair amount of employees, and tried to save themselves in whatever way they can.
But for Zoom, the company that is behind the the videoconferencing tool that everyone seems to be using now, it has been a blessing in disguise.
The company reported its earnings for the first quarter of the current fiscal year, which show the company's great performance. The revenue for this quarter was above $328 million, an increase of more than a 160% than last year. The net income was reported at $27 million, a massive leap from last year's $0.2 million dollars.
It's not just the money department where Zoom is thriving. Its customers are quite happy with the service, approximately 265,000 customers and more than 10 employees, more than three times what they were last yea
This news is especially impressive because just a few months ago, when the app started gaining its lockdown-work-from-home traffic, many problems were found, including bugs that could allow hackers to steal the users' computer log-in information, confusing encryption practices and other privacy-related issues.
But the company showed vigour and devoted a 90-day-period to fixing all the issues, which had caused many companies and governments to ban the app.
It is estimated that Zoom's good fortune will continue, and the company is set to make more than a billion dollars this fiscal year.