Zoom users, here's the reason why you won't get encryption for free

03 Juin, 2020, 16:53 | Auteur: Christine Menetries
  • Zoom’s paid usage skyrockets as remote work takes over

Zoom has projected that its revenue will be between $495 million and $500 million in the next quarter, with a full fiscal year revenue of between $1.775 billion and $1.8 billion.

The mass migration of business to work-from-home (WFH) arrangements has supercharged the financial performance of conferencing and collaboration platform Zoom. The company has not only beat analyst expectations on revenues but also answered critics who had wondered whether the company will be able to sustain its valuation going into the earnings report.

Zoom shares - which sold for $36 in its 2019 initial public offering - closed at an all-time high of $208.08 Tuesday before the earnings release. As Zoom's use has skyrocketed, so has its market capitalization, which crossed $50 billion for the first time Friday.

© Getty Images Zoom Video Communications Inc. reported fiscal first-quarter results Tuesday.

Zoom stock was down slightly in after-hours trading. More than 100,000 schools worldwide are now using Zoom for online classes, according to the company.

Zoom, in response, said it was common for bad actors to test large numbers of already-compromised credentials from other platforms to see if they've been reused.

Customer metrics were also very positive, with approximately 265,400 customers with more than 10 employees, up some 354% year-over-year.

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However, the number of participants has fallen from its peak in April, but "certainly over the long term, we expect it to grow beyond that 300 million number", said Ms Steckelberg.

But the practice of "Zoombombing" - gatecrashing other people's meetings - has presented problems for the company. About 30 per cent of the company's revenue in the most recent quarter came from users with fewer than 10 employees, up from 20 per cent in the November-January period.

Although Zoom remains focused on servicing its corporate customers, Yuan is hoping to figure out ways to make money from the all the socialising and education taking place on the service, too. "There are a lot of opportunities ahead of us", Yuan said in Tuesday's video conference without elaborating.

"Free users, for sure, we don't want to give [end-to-end encryption], because we also want to work it together with Federal Bureau of Investigation and local law enforcement, in case some people use Zoom for bad objective", he said.

The company reported an even more astronomical spike in business customers. Zoom later corrected the error, noting that these were not DAUs and were merely daily active participants, a distinction which highlights that users in multiple meetings per day were likely counted multiple times inside this metric.

Security consultant for Zoom Alex Stamos tweeted, "Zoom does not proactively monitor content in meetings and will not in the future". The pandemic has raised the company's profile, but also has exposed security and safety shortcomings that nine-year-old Zoom now is rushing to address.

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