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Despite concerns, Zoom sales boom amid Covid-19 pandemic
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SME Times News Bureau | 04 Jun, 2020
Surrounded by concerns over privacy and security issues, video meet app
Zoom has reported $328.2 million in revenue for its quarter that ended
April 30, up 169 per cent (year-over-year) as more people join its
platform in the social distancing times.
The San Jose,
California-based company said that 769 customers contributed more than
$100,000 in TTM (trailing 12 months) revenue which was up 90 per cent
from the same quarter last fiscal year, as it saw 354 per cent
(year-over-year) growth in nearly 265,400 customers with more than 10
employees joining its platform.
"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 Eric S. Yuan, Founder and CEO of Zoom.
While Zoom
saw its popularity soaring in the last three months, governments and law
enforcement agencies also sought clarification from the video meet app
over data hoarding and cyber hoarding, along with issues of unauthorised
access termed as "zoom-bombing".
After the Supreme Court in
India sought the response of the Central government over a petition
seeking a ban on Zoom, the video calling app claimed that it "takes user
privacy, security, and trust extremely seriously."
"Zoom takes
user privacy, security and trust extremely seriously. We have been
focused on enhancing our commitment to security and privacy under our
90-day plan announced on April 1, and have made significant progress,"
the company said in a statement.
For its second quarter of the fiscal Year 2021, the company expects total revenue between $495 million and $500 million.
"Our primary grants in Q1 were toward organisations making a difference during COVID-19," said Yuan.
When
the firm sold its first shares to the public last year, it was valued
at $15.9 billion which went up to more than $58 billion on Tuesday after
the results.
Zoom growth has led to several tech giants ramping
up their video conferencing services like Microsoft Teams, Google Meet
and Facebook Messenger Rooms, among others.
Zoom recently
announced that it will expand its engineering team with up to 500 new
headcount based in Phoenix, Arizona and Pittsburgh, Pennsylvania, in the
US.
"Given the scale at which we operate and the importance of
the communications happening on our platform, there is no time for delay
and no room for error," Yuan had said in a statement.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
Japanese
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58.85 |
56.85 |
As on 13 Aug, 2022 |
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