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Zoom's Q1 revenue up 169% YoY due to huge spike in subscriber base

By Cookie Monster - on 3 Jun 2020, 8:37pm

Zoom's Q1 revenue up 169% YoY due to huge spike in subscriber base

Zoom just announced its first quarter results for fiscal year 2021 and it is nothing short of spectacular!

Total revenue for the quarter was $328.2 million, which is a whopping increase of 169% from $122 million during the same period last year. Revenue growth is driven by acquisition of new customers and expanding across existing customers. 

Zoom says it has an estimated 265,400 customers with more than 10 employees, which is a staggering increase of 354% from the same period last year. The company also shared that it issued 175,000 licenses for new customers and signed up an "unprecedented number of free participants" which includes more than 100,000 K-12 schools. In addition, there are now 769 customers contributing more than $100,000 in trailing 12 months revenue, which is an increase of about 90% year-over-year (YoY).

The past few months saw Zoom coming under intense scrutiny for its numerous lapses in user privacy and security, but the company quickly rebounded and addressed most of the issues. Zoom CEO Eric. S Yuan even gave the company a 90-day timeline to fix these issues.

Source: Zoom via The Verge