Zoom Reports Stellar Earnings for Fiscal Q1

03 Juin, 2020, 05:38 | Auteur: Christine Menetries
  • The video platform Zoom saw surging usage during the pandemic for everything from yoga classes to weddings to school classes for people sheltering at home

"As CEO, I should have done a better job", Yuan said on an earnings video call with analysts.

Created as a business communication tool almost a decade ago, Zoom's popularity exploded at the beginning of this year, as millions of people in lockdown began using it to host events ranging from birthday parties to religious events and even to cabinet meetings. Analysts on average expected revenue of US$935.2 million.

"The increase in customers with 10 or fewer employees also shifted our billing mix, as these customers generally pay monthly, rather than annually like most enterprise customers", said Zoom CFO Kelly Steckelberg. For the full year, the company gave revenue guidance in the range of $1.78 billion to $1.8 billion, which would be approximately 185% to 189% year-over-year growth. After a big run-up leading up to Tuesday's highly anticipated announcement, Zoom's stock gained almost 3% in extended trading to $213.60 - more than five times the company's initial public offering price of $36 less than 14 months ago.

Zoom's customer numbers were similarly sharp, with the firm reporting that it had 265,400 customers with more than 10 seats (employees) at the end of the quarter, which was up 354% from the year-ago period. Instead they "Zoom" whenever it's time for a face-to-face chat.

Still, Zoom can not afford to rest on its laurels, another analyst, Holger Mueller of Constellation Research Inc., told SiliconANGLE.

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Zoom Video Communications is rapidly emerging as the latest internet gold mine as millions of people flock to its conferencing service to see colleagues, friends and family while tethered to their homes during the pandemic. "But for now congrats to Zoom for being a critical if not essential tool during the Covid-19 pandemic".

He acknowledged that when the pandemic crisis started, Zoom's own data centers could not scale fast enough to handle the unprecedented traffic. "As our demand increased and we had limited visibility into the growth, AWS was able to respond quickly by provisioning the majority of the new service we needed".

Zoom also relied on Oracle Corp. for more support during the quarter, Yuan said.

In operating metrics, it reported 769 customer contributed more than $100K in trailing-12-months revenue (up about 90% Y/Y), and a trailing-12-month net dollar expansion rate in customers with more than 10 employees over 130% for the eighth straight quarter.

However, the record quarterly and promising outlook are shadowed by a lower margin due to higher demand from free users. The company also aims to gain efficiencies and likely bring gross margins back to the mid-70% range in the next several quarters.



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