Zoom’s main offering is online video conferencing and, although it is predominantly associated with business meetings, its service is also being used in the education, government and healthcare sectors. This versatility could be one of the reasons Zoom recorded such huge uptake during the pandemic. The number of companies (with at least 10 people) subscribing skyrocketed by 458%, from 66,300 to 37ev0,200, during May-July. Meanwhile, during the same period, its revenue stood at USD 663.5m, up 355% YoY – and as a result of this better-than-expected performance the company revised its growth estimate for the full year to USD 2.37bn-2.39bn. Subsequently, its shares jumped by 47% in intraday trading on 1 September 2020.
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