The COVID-19 pandemic made the previous year tough for most of the people and businesses all across the globe. Many lost their jobs and means of income. However, a few benefitted from the caused circumstances at large.
In businesses that saw a boom because of the pandemic and closure of schools and offices, Zoom, the video conferencing software, might fall on the top. The company announced on Monday that its revenues had seen a 326% increase year-over-year. Not only this, their sales soared to $882.5 million in the last quarter, which makes it a 369% increase.
Founder and CEO of Zoom Eric Yuan said, “We are humbled by our role as a trusted partner and an engine for the modern work-from-anywhere environment. Our ability to rapidly respond and execute drove strong financial results throughout the year.”
The nine-year-old company has become widely known due to its video conferencing services during the pandemic. The company expects to increase its profit in 2021, where its officials have expected to generate soaring high revenues of around 900 million dollars in the first three months.
In contrast to the growing Zoom shares, workers and students going back to offices and schools after the vaccine is being made available for all, slowing down the virus’s impact has started to worry some Zoom investors.
However, there is still hope or light for the ones who have invested in Zoom shares. How is that? Because a research report has stated that before the pandemic hit, one out of five people said their duties could be done from home, now that number has increased, and more and more people want to continue working from home even when the pandemic ends. This not only decreases the everyday costs for employees but also for the employers. The cost gets cut down at large.
Time will tell whether the online meeting platform ‘Zoom’ will continue seeing a soaring rise in their shares or decline back to normal. Rebecca Bezzina, managing director at a digital agency, R/GA London, said, “Zoom’s growth has been remarkable to watch. In under a year, the video conference platform has united a socially distanced world and become the coronavirus era’s defining app. However, with the vaccine program in full swing and end of the pandemic insight, Zoom’s growth over the past year could be hard to sustain.”