Zoom has reported its Q3 results, beating estimates on strong demand amid a pandemic-fueled transition to remote work.
Zoom quickly became a favorite of companies and individuals as the pandemic forced employees to work from home, children to learn remotely and families to socialize virtually. As a result, the company has seen explosive growth, helping it beat analysts estimates yet again.
The company reported Q3 revenue of $777.2 million, an increase of 367% year-over-year. The number of customers spending more than $100,000 in revenue was up 136% year-over-year. This is an even bigger jump than last quarter, that saw an increase of 112% year-over-year. The number of customers with more than 10 employees reached 433,700, up 485% year-over-year.
“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. “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.”