When Covid-19 hit the world at the start of 2020, everything was shifted to digital technology. From studying to office work, everything was being done online. During that time, the world needed platforms that allow users to make online video conference calls so that meetings can be held virtually. There were already several platforms for that serve the purpose, but the popularity that Zoom gained was incomparable. Within a very short span of time, Zoom became the go-to application for video conference calls despite having a 40-minute session limit.
In the third quarter of 2020, as per the company’s report, its revenue was $777.2 million, which was four times its revenue from the same quarter of 2019. This became the second consecutive quarter where Zoom’s revenue was quadrupled; however, the company didn’t stop here; it is expected to generate another quadruple revenue in the fourth quarter. Even after having numerous competitors, Zoom managed to stay the foremost priority of people the entire pandemic.
The company have not told the number of users it has, but it is clear that its users continue to grow, including the paying customers. The number of Zoom subscribers has reached 433,700 and over ten employees. In the last quarter, the company had 370,200 subscribers.
With the second wave of Covid-19, all the countries that lifted their lockdowns implemented it once again that too during the most festive season, i.e., Thanksgiving and Christmas. These are the two most widely celebrated festivals in many parts of the world, and people visit their loved ones from different parts of the world to celebrate the holiday season together. Unfortunately, the second wave of this pandemic didn’t let the people do so; hence they arranged virtual meetings.
The company temporarily removed its 40-minute video calling limit on Thanksgiving to get even more traffic. Zoom’s strategic planning during the entire pandemic has made it one of the leading and most successful video calling platform. The company is still expected to grow its revenue more with even incredible numbers in the coming quarters. But, the period of immense growth is about to come to an end. The tech giant will have to work on coping with the customers’ reliance loss that it has to face in the coming year.
In the third quarter of 2020, as per the company’s report, its revenue was $777.2 million, which was four times its revenue from the same quarter of 2019. This became the second consecutive quarter where Zoom’s revenue was quadrupled; however, the company didn’t stop here; it is expected to generate another quadruple revenue in the fourth quarter. Even after having numerous competitors, Zoom managed to stay the foremost priority of people the entire pandemic.
The company have not told the number of users it has, but it is clear that its users continue to grow, including the paying customers. The number of Zoom subscribers has reached 433,700 and over ten employees. In the last quarter, the company had 370,200 subscribers.
With the second wave of Covid-19, all the countries that lifted their lockdowns implemented it once again that too during the most festive season, i.e., Thanksgiving and Christmas. These are the two most widely celebrated festivals in many parts of the world, and people visit their loved ones from different parts of the world to celebrate the holiday season together. Unfortunately, the second wave of this pandemic didn’t let the people do so; hence they arranged virtual meetings.
The company temporarily removed its 40-minute video calling limit on Thanksgiving to get even more traffic. Zoom’s strategic planning during the entire pandemic has made it one of the leading and most successful video calling platform. The company is still expected to grow its revenue more with even incredible numbers in the coming quarters. But, the period of immense growth is about to come to an end. The tech giant will have to work on coping with the customers’ reliance loss that it has to face in the coming year.