Robust Growth by Zoom Video Communications even after easing of pandemic – What’s the update on revenue?
One software application had its revenue taken over to 1 billion through virtual receptions and video conferencing as the pandemic rose to lead to an unprecedented number of users. Let’s take an insider into how it actually happened.
The past of Zoom Video Communications
Narrated by Zoom Video Communications Inc.’s owner, the company is expected to generate up to $2.65 billion this year. Last year, the share price of Zoom also tripled from March onwards. The revenue was generated as Zoom mainly obtained it from the business corporations, as the general public used it for free.
Another reason for a great deal of revenue was businesses connecting their workforce with customers through Zoom. As the pandemic rose, the shift to remote work and remote schooling made Zoom stand amongst the top corporate beneficiaries, enough to compete against Microsoft, the biggest global technological giant.
With the steep rise in the pandemic and number of Covid-19 cases, business and schooling restrictions have granted Zoom more chances to generate revenue this year. It has been reported that there are 467,100 customers and more than 10 employees owned by the company. The intensity of trust of people on Zoom speaks for its credibility and worth.
Eric Yuan, the founder, and CEO of Zoom, said in an earnings call, ‘The remote work is highly likely to stay in the future.’
The future of Zoom Video Communications
Besides Zoom having a great deal of profit in the first few months of the pandemic, now the real competition seems to start. Business analysts have been reporting that the fate of Zoom will be decided by the way it tackles over competing against strong technological giants, including Microsoft and Google, who are focusing on introducing new features and upping their game. However, the owner is confident that Zoom Video communications Inc. is all set for strong growth and competitiveness in the future.
Zoom Video Communications Inc. is now focusing on producing changes and innovations so that Zoom retains its leading position in the market. By more than 144% from last year, the company is spending its budget on research and development (R&D). Moreover, there has been an extensive focus on security and encryption.
All online software companies are keen on taking a look at how Zoom is performing tactically.
Nevertheless, we have to keep a keen eye open for any irregular societal change. Like COVID-19 and its dramatic impact on worldwide virtual communication, any overnight news can halt the successes of any company in this volatile e-world.