Missed the Zoom Boom? It Still Has a Ways to Go
The video-conferencing upstart had a breakout moment amid Covid-19 lockdowns, but that may be just the start.
Zoom keeps living up to its name.
Photographer: Olivier Douliery/AFP via Getty Images
Sometimes the little guy with the better mousetrap can beat the tech Goliaths. That is certainly the case with upstart Zoom Video Communications Inc. this year.
Late Monday, the video-conferencing company posted strong July-quarter sales results that handily beat Wall Street estimates. Zoom reported second-quarter revenue of $663.5 million, up 355% from a year earlier, versus the $500 million Bloomberg consensus. It also projected a sales range of $685 million to $690 million for the current quarter, which is higher than the $493 million average analyst estimate. Zoom shares rose in after-hours trading, adding to their more than fourfold gains year to date.