Arguably the biggest company in video communications right now, Zoom is benefitting from substantial growth and engagement this year. During the first quarter of 2020, when the pandemic began to spread worldwide, Zoom reported an impressive revenue growth of around 169%. Since then, as companies have continued to recognise the ongoing demand for video in a changing workforce, need for Zoom communications has continued to grow.
The second quarter results for the company were even better than the first, showing a massive 355% revenue growth. Now, Zoom has announced it will be revealing its third-quarter financial results at the end of November. Many professionals are expecting to see further evidence in the latest report that Zoom is taking over the video conferencing world, piece by piece.
What to Expect from The Third Quarter Results
Currently, any predictions about the kind of numbers that Zoom might reveal in quarter three would only be speculation. However, it seems safe to say that the numbers are likely to look good. Even with the issues of Zoombombing to contend with in the second quarter of the year, the company managed to keep a solid hold on the video conferencing market. The Q2 revenue for the brand was more than double its first-quarter earnings at £663.5 million.
According to reports, Zoom averaged around 148.4 million monthly active users in the second quarter, which is a growth of around 4,700% year over year. These positive results emerged even at a time when Zoom has been facing criticism for its security capabilities.
Zoomtopia is sure to have generated even more attention for Zoom recently, with new announcements to excite customers worldwide, including the arrival of new Zoom Zapps for companies that want to create third-party app solutions with Zoom features. Zoom also announced the arrival of OnZoom for virtual events, which will increase the appeal of the platform for businesses that are moving into the virtual event space to make up for a lack of in-person experiences.
Will Quarter Three Reveal Even Bigger Achievements?
After Zoomtopia’s announcements focused heavily on things like improving the immersive and secure experiences that customers have within Zoom, demand for the service is sure to increase. Questions about the security of the application are beginning to diminish, and the company is working harder on eliminating any issues that enterprises might have with using its software.
There’s even the promise of new Zoom hardware experiences on the horizon. However, there are some issues to contend with too. Zapier recently announced that it was suing Zoom for its use of the term “Zapps”. At the same time, competitors like Microsoft Teams are rapidly gaining more steam.
With the announcement of pharmaceutical company Pfizer developing, along with BioNTech, a vaccine for COVID-19 with an incredible claimed efficacy of 90%, Zoom’s stocks fell, as did other businesses synonymous with the ‘new normal’ of the pandemic, such as food delivery companies. We’ll have to wait and see what effect this may have on the results for Zoom.
Zoom’s results will be available to investors and shareholders through a live webinar event running at 2:30 pm to 5:30 pm ET on the 30th of November, after the market closes. A replay of the event will be available for about one week following.
