Zoom’s enterprise video conferencing app became well-known as the world came to an end in 2020, producing triple-digit growth every quarter, in part by luring millions of regular people and small enterprises.
Zoom Quarterly Revenue Up 54% Last July
Zoom’s quarterly revenue increased by 54% to $1 billion in July of last year, but growth slowed to a more manageable 12% in the quarter that ended in April.
The largest software company in the world and Zoom’s major rival, Microsoft Corp., saw a six-fold increase in share price to its October 2020 high, which is now hanging around pre-pandemic levels.
According to Morgan Stanley’s Marshall, Zoom’s popularity should act as a buffer. “While Microsoft’s dominance is a concern, videoconferencing is ultimately huge enough to support numerous competitors,” he added.
Eric Yuan, founder and, CEO of Zoom, stated that competition serves as a motivator and cited the company’s initiatives to hire over 4,000 new employees, enhance internal procedures, and create a clear growth formula. He also added that after two years of continuously responding to requests, it has finally arrived. Time devoted to the long-term strategy of the business.