During The Pandemic, Zoom's Income Quadrupled

Ilustrasi (Photo by Chris Montgomery on Unsplash)

JAKARTA - Video conferencing platform company, Zoom, reported revenues of US $ 777.2 million (around Rp.10.9 trillion) during the third quarter of 2020. This number increased significantly by 367 percent or nearly four times, compared to the same period last year.

This is the second consecutive quarter that Zoom's revenue has quadrupled. Zoom hopes to double its revenue year-on-year once again in the fourth quarter.

Overall, Zoom recorded a net profit in the third quarter of 2020 of 198.4 million US dollars (around Rp 2.8 trillion). Meanwhile, gross profit fell 66.7 percent.

Although it was not stated in detail the growth rate of Zoom's subscribers in the third quarter. However, this large increase is no longer surprising, because during the Corona pandemic, many people took advantage of Zoom for face-to-face needs, such as meetings with colleagues, to online schools.

"We remain focused on the communication needs of our customers and communities as they navigate the current environment and adapt to the new world of work from anywhere using Zoom," said Zoom founder and CEO, Eric Yuan, in a company report, as quoted by The Verge, Tuesday, December 1st.

"We aspire to provide the most innovative, secure, reliable and high-quality communication platform to help people connect, collaborate, build and learn at Zoom," he continued.

Although Zoom estimates that its income will continue to increase for the next quarter. However, Eric said, now there are signs that this enormous growth rate is coming to an end.

"We hope to strengthen our market position as we finish the fiscal year with an increase in the total revenue outlook of around US $ 2.575 billion to US $ 2.580 billion for fiscal year 2021, or about a 314 percent year-on-year increase," he added.

Looking for some creativity and inspiration? Become the next Picasso, Houdini, or Shakespeare by joining an arts and culture event OnZoom today! 🌟 https://t.co/2kHeVe4lw1 pic.twitter.com/7ek9EuqX6V

- Zoom (@zoom_us) November 22, 2020

Zoom's success comes as no surprise, given that the app has been the choice of video conferencing since the start of the pandemic. Even the popularity of Zoom is able to compete with similar services, such as Google Meet, Slack and Microsoft Teams.

Zoom also increases the security features of its platform in anticipation of Zoombombing actions which are quite disruptive to online meetings. Not only that, Zoom has also added an end-to-end encryption feature, given the many users of this application in conducting teleconferences.