Video conferencing app Zoom enjoys exponential rise in sales thanks to COVID-19

Enjoying the rise in popularity amid the global coronavirus pandemic video conferencing app Zoom has seen its revenue quadrupled in the third quarter of this year.

According to details, the use of video conferencing app Zoom has increased rapidly during the Coronavirus. The Zoom app continues to grow in popularity, with the company's revenue quadrupling to $777.2 million up 367 percent year over year, during the third fiscal quarter ended October 31st 2020.

“We remain focused on the communication needs of our customers and communities as they navigate the current environment and adapt to a new world of work from anywhere using Zoom. We aspire to provide the most innovative, secure, reliable, and high-quality communications platform to help people connect, collaborate, build and learn on Zoom,” said Zoom founder and CEO, Eric S. Yuan, in a statement.

“Strong demand and execution led to revenue growth of 367% year-over-year with solid growth in non-GAAP operating income and cash flow in our third fiscal quarter. We expect to strengthen our market position as we finish the fiscal year with an increased total revenue outlook of approximately $2.575 billion to $2.580 billion for fiscal year 2021, or approximately 314% increase year-over-year,” he added.

In the third quarter of 2020, analysts had expected Zoom's revenue to increase by $694 million, but the increase turned out to be higher than expected.

The Coronavirus pandemic has pushed many companies towards a work from home in many offices around the world, which has led to an increase in the use of video calling applications by consumers.