Zoom Hit a Record High Quarterly Revenue of $882.5 Million, Almost a 370% Increase YoY
Zoom’s revenues skyrocketed last year as global demand for online meeting solutions soared amid the COVID-19 lockdown. Although the popular video conferencing platform generated impressive revenue through its fiscal year 2021, the year’s final quarter set a new record.
According to data presented by BuyShares, Zoom hit a record high quarterly revenue of $882.5 million in Q4 FY 2021, almost a 370% increase year-over-year.
Annual Revenue Soared by 700% in Two Years
Unlike many other sectors, the video conferencing platforms witnessed explosive growth amid the COVID-19 crisis, as millions of people started working from home. However, Zoom emerged as the most preferred platform for holding virtual meetings. As countries across the globe-imposed lockdowns, family members also turned to Zoom as a way of keeping in touch with each other. Museums, theatres, and schools chose the platform to maintain normal operations.
With the ban on social gatherings, Zoom also became a cultural phenomenon through hosting parties, concerts, church services, and art shows. The surge in the number of users led to a 700% revenue growth in two years.
In the fiscal year 2019, Zoom generated $330.5 million in revenue, revealed the company’s earnings report. Over the next twelve months, this figure jumped by more than 88% to $626.6 million. The two-digit increase was driven by a strong Q4 FY 2020, matching the period between January and March 2020, when the pandemic already struck. Zoom’s quarterly revenue jumped by 78% YoY in this three-month period and hit $188 million.
The strong increasing trend continued in the following months, with revenue rising to $328.1 million in the second quarter of the calendar year 2020. Statistics show this figure more than doubled in the next three-month period and hit $663.5 million.
However, the fourth quarter of the fiscal year 2021, matching the period between January and March 2021, delivered the highest quarterly revenue in Zoom`s history, causing annual revenues to rise above the expectations to $2.65bn.
Almost 70% of that value, or $1.83bn, was generated in the Americas as the largest Zoom market. Users from the EMEA region, as the second-largest market, generated $486 million in revenue. Asia followed with $332.8 million, respectively.
Market Cap Soared by 357% Year-Over-Year
While the Zoom stock price has increased steadily throughout 2020, a positive announcement regarding the efficiency of a COVID-19 vaccine in November last year resulted in the price falling by more than 30% by the end of the year.
Since then, the share price has been fluctuating and in recent months saw even more of a downturn, reaching $328.95 last week.
In December 2020, the combined value of Zoom shares stood at $115.5bn, revealed the MacroTrends data. Over the last four months, this figure dropped to $96.6bn, still a 357% increase year-over-year.
