Zoom boosts sales forecast as pandemic drags on
Video conferencing company Zoom has said annual sales will be even higher than expected as the pandemic drives demand for its software.
The California firm said revenue could hit more than $2.5bn (£1.9bn) – more than twice what it forecast in March.
The prediction comes as Zoom, once a niche tech name, has shot to prominence during the pandemic.
Millions have turned to the app to socialise with family and friends, teach and meet with colleagues.
Zoom founder and chief executive Eric Yuan said the company was converting more and more businesses to paying customers, as they adapt to “a new world of work from anywhere”.
At the end of October, Zoom had nearly 434,000 business customers that had more than 10 employees – up approximately 485% from the same quarter a year ago.
The surge has lifted revenue and profits and sent the firm’s stock soaring.