Zoom Nearly Doubles Revenue Amid Coronavirus Pandemic

The coronavirus pandemic brought many unforeseen changes to our everyday lives. Businesses closed down, non-essential workers were told to work from home, and the Zoom phenomenon exploded in popularity.

Because people were on lockdown and working from home, the need for face-to-face interaction left us with limited options to get our fix.

And since some people don’t have iPhones, Facetime wasn’t always an option. That’s when Zoom stepped in to save the day and they have benefitted financially in a big way.

Zoom initially projected $905 million to $915 million in revenue, but now Zoom Video Communications Inc is forecasting a full-year of revenue between $1.78 billion and $1.8 billion. From the Daily Mail:

Zoom Video Communications Inc, which is based in California, raised its full-year revenue forecast to between $1.78billion and $1.80billion.

This is up from between $905million and $915million which was forecasted before the worldwide pandemic struck.

However, the cost of delivering its service rose 330 per cent to $103.7 million, which lowered its gross margin to 68.4 per cent from 80.2 per cent a year earlier.

The coronavirus mainly comes from animals and a majority of those who were infected early either worked at or frequently visited the Huanan seafood wholesale market in Wuhan, according to The Guardian. The virus is similar to Severe acute respiratory syndrome (Sars) and Middle Eastern respiratory syndrome (Mers).

The Wuhan coronavirus is transmitted from person to person through “droplet transmission.” That means an infected person can pass the virus by sneezing or coughing on another person as well as by direct contact.

While a majority of the cases have been detected in the United States and China — with more than 100,000 deaths in the United States — it has now reached many countries around the world. It has also been confirmed in Italy, Australia, Canada, France, Germany, and many other eastern countries.

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