Zoom Video Communications Inc. said growth will continue at a rapid pace amid the deployment of vaccines, after the pandemic crash turned the company into a household name and an investor.
The video conferencing company said on Monday that revenue would increase by more than 41% this year after more than quadrupling to $ 2.65 billion in the fiscal year ending in January. The sharp growth during last year has repeatedly exceeded Zoom’s own projections, and the latest result is better than a forecast issued in November.
Zoom’s share price, which has more than tripled in the last twelve months, was almost 10% ahead of the after-hours trading on Monday after rising by a similar margin by $ 409.66 during the normal session of the day.
The company, which began trading in the public markets in 2019, was one of the biggest corporate beneficiaries of the shift to distance and distance learning work, and competed against larger competitors such as Microsoft Corp.
Although Zoom made its name in part by giving away its services to many users for free during the pandemic, the number of paying users also skyrocketed when large companies and others tried to connect their workers with customers. Zoom ended the year with approximately 467,100 customers with more than ten employees, an almost sixfold increase from a year earlier.