Zoom’s first-quarter report shows that the company is doing historic numbers in the company’s relatively short history.
The ‘new normal’ is a reality that people have to live in. This normal involves people moving less and staying home more. Schools are now implementing a hybrid form of learning. They now have physical and online schooling. Companies, on the other hand, are enjoying the fruits of work from home because of lesser overheads. People around the work are also even more connected than before.
All of these have been made possible because of the stellar success that Zoom experienced over the past few months.
Pre-COVID numbers crushed
During the 2021 Fiscal year, Zoom experienced up to 169% year-on-year growth in its revenues. They attribute this mostly to the 265,400 customers that have more than ten employees that use the app. This growth shows up to 354% year-on-year growth.
The videoconferencing company also showed tremendous growth in educational institutions that use their services. According to the report, more than 120,000 K-12 learning institutions have signed up for Zoom’s services.
Zoom didn’t particularly disclose the number of users that have logged on the app. The numbers could easily be north of 250 million throughout the pandemic.
Next frontier for Zoom
According to Zoom’s CEO, Eric Yuan, Zoom will not currently release new products outside its main app. The company’s core competency shall remain the same. The focus will still be on providing the same smooth experience on whatever device the user is using. Yuan knows that the world is counting on its services to keep connected so that matters will remain the status quo.
Zoom expects the number of total users to drop coming from its peak last April. Nevertheless, it expects the company to post stellar growth during its second-quarter report. It even forecasts more users to jump on the platform’s paid services.
Zoom has had its fair share of troubles these past few months. One among many includes the fallout of several foreign countries’ trust for the app. Unfortunately, Taiwan, India, and many other national governments have banned the use of the app for official matters.
Another mishap it encountered was the ‘Zoombombing‘ issue, where unwanted participants randomly join calls for the sake of disruption. Zoom also had to deal with security issues concerning the rerouting of calls to China. Several Zoom users felt uneasy that their calls had were rerouted to a country known for invading users’ content privacy.
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