Zoom Video Communications said its second-quarter net profit exceeded its full-year earnings for 2019, driven by revenue growth amid the coronavirus-induced crisis.
The $186 million (Dh683.2m) earned during the period was also about 34 times the $5.5m recorded during the same period a year ago, the Nasdaq-listed company said in a regulatory filing on Monday.
The Nasdaq-listed company's revenue for the period reached $663.5m, more than four fold the previous year and exceeding Bloomberg’s average analyst estimates of $500m. Shares of the San Jose-based firm surged 26 per cent on Monday boosting the net worth of its chief executive Eric Yuan by $4.2 billion.
“Organisations are shifting from addressing their immediate business continuity needs to supporting a future of working anywhere, learning anywhere and connecting anywhere,” Mr Yuan said.
“Our ability to keep people around the world connected, coupled with our strong execution, led to [the] revenue growth.”
Zoom said the firm’s ability to acquire new customers and expand across its existing customer base “drove the company’s revenue”. At the end of the second quarter, it had nearly 370,200 customers, with more than 10 employees, a yearly increase of 458 per cent.
Large customers – companies that generated more than $100,000 in revenue for Zoom in the past year – more than doubled to 988 during the quarter.
The company said it increased its revenue outlook for the third quarter and the full financial year, with third quarter revenue to hover between $685m and $690m. For the full year, Zoom estimates revenue between $2.37bn and $2.39bn - which is more than three fold its 2019 earnings, Mr Yuan said.
The video communications platform has been adopted by businesses, schools, universities and individuals due to Covid-19 related movement restrictions and lockdowns. The company expects to increase its user base further in the remaining year.
“At Zoom, we strive to deliver a world-class, frictionless and secure communication experience for our customers across locations, devices and use cases,” Mr Yuan said.
Zoom shares, which started the year at around $69, closed at $410 on Monday. If the stock maintains a similar gain on Tuesday, Mr Yuan's fortune will surpass $20bn, according to Bloomberg data.
Zoom has joined forces with two large corporate customers in recent months, Exxon Mobil and Activision Blizzard, said Mr Yuan, boosting investors’ confidence.
“For the quarter, the year-over-year growth in revenue was primarily due to subscriptions provided to new customers, which accounted for approximately 81 per cent of the increase,” the company’s chief financial officer Kelly Steckelberg said on the conference call.
Subscriptions to existing customers accounted for 19 per cent of the revenue increase.
“This demand was broad-based across industry verticals, geographies and customer cohorts,” Ms Steckelberg said.
Company Profile
Name: JustClean
Based: Kuwait with offices in other GCC countries
Launch year: 2016
Number of employees: 130
Sector: online laundry service
Funding: $12.9m from Kuwait-based Faith Capital Holding
UAE currency: the story behind the money in your pockets
'The Batman'
Stars:Robert Pattinson
Director:Matt Reeves
Rating: 5/5
War
Director: Siddharth Anand
Cast: Hrithik Roshan, Tiger Shroff, Ashutosh Rana, Vaani Kapoor
Rating: Two out of five stars
MATCH INFO
Juventus 1 (Dybala 45')
Lazio 3 (Alberto 16', Lulic 73', Cataldi 90 4')
Red card: Rodrigo Bentancur (Juventus)
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
More from Neighbourhood Watch:
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
SPEC%20SHEET%3A%20APPLE%20IPHONE%2014%20PRO%20MAX
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RESULTS
Men
1 Marius Kipserem (KEN) 2:04:04
2 Abraham Kiptum (KEN) 2:04:16
3 Dejene Debela Gonfra (ETH) 2:07:06
4 Thomas Rono (KEN) 2:07:12
5 Stanley Biwott (KEN) 2:09:18
Women
1 Ababel Yeshaneh (ETH) 2:20:16
2 Eunice Chumba (BRN) 2:20:54
3 Gelete Burka (ETH) 2:24:07
4 Chaltu Tafa (ETH) 2:25:09
5 Caroline Kilel (KEN) 2:29:14
UAE currency: the story behind the money in your pockets