The California-based video communication service provider Zoom gained more than 350%, and profits rocketed by about 3,300% in its Q2 result, as several companies across the globe subscribed to the video conferencing app in connecting with their employees working remotely during the COVID-19 pandemic.
Zoom reported a net profit of $185.7 million for the quarter that ended on July 31, a surge of about 3,300% from $5.5 million. It also recorded total revenue of $663.5 million, showing a gain of over 350% increase year-over-year.
Zoom’s Stock price hit a record high yesterday ahead of the earnings statement by Zoom CEO, Eric Yuan and then gained another 28% in after-hours trading once the results became public.
“As remote work trends have accelerated during the pandemic, organizations have moved beyond addressing immediate business continuity needs to actively redefine and embracing new approaches to support a future of working anywhere, learning anywhere, and connecting anywhere,” Zoom CEO Eric Yuan said Monday in an earnings call.
