Shares in the video conferencing company rose 23 percent and revenue in the second quarter rose 355 percent from 2019.
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If there’s one company the pandemic was good for, it’s Zoom. In the course of the quarantine, the video conferencing company has gained a high status – it has achieved verb status (people are already saying things like “Let’s zoom”). And now your earnings reflect that to a great extent. On Monday, the company significantly exceeded its own forecast sales for the second quarter. Sales increased by 355 percent compared to the same period in the previous year. In May, June and July Zoom generated revenue of $ 663.5 million compared to $ 622.3 million for 2019 as a whole.
Shares rose 23 percent on Monday evening, posting earnings of $ 0.92 per share (versus forecast earnings of $ 0.45 per share). In an interview with analysts, Zoom’s CEO, Eric Yuan, said part of the second quarter results came from large new customers such as Exxon Mobile and Activision Blizzard.