Soaring demand for the Zoom video conferencing service far exceeded even the most optimistic Wall Street forecasts in the latest three months, lifting quarterly revenue higher than the San Francisco-based company reported for the whole of 2019.
The boom fuelled a 25 per cent leap in Zoom’s shares in after-market trading on Monday and left it with a stock market value of $114bn, or more than half as much as the communications giant AT&T.
The company, whose name has become almost synonymous with working and learning from home during the pandemic, reported revenues of $663.5m for the period to the end of July — a 355 per cent increase from the year before — and an acceleration from the 270 per cent growth in the months after the pandemic hit.
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