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This article was published on June 2, 2021

Zoom expects to beat expectations with over $985M revenue this quarter

To the moon?

Zoom expects to beat expectations with over $985M revenue this quarter
Ivan Mehta
Story by

Ivan Mehta

Ivan covers Big Tech, India, policy, AI, security, platforms, and apps for TNW. That's one heck of a mixed bag. He likes to say "Bleh." Ivan covers Big Tech, India, policy, AI, security, platforms, and apps for TNW. That's one heck of a mixed bag. He likes to say "Bleh."

The coronavirus pandemic is still looming, and most companies are working in a hybrid model if not sticking to the work from home rigmarole. But that means conferencing platforms such as Zoom become extremely important.

The company also believes the current situation will help it earn more money and beat analyst expectations this quarter. A Reuters report noted that Zoom expects to cash in $985 million to $990 in revenue this quarter — much higher than the analysts’ figure of $931.8 million.

The company clocked in a revenue of $952 million for the quarter that ended on April 30 — a 191% jump compared to its performance in the same quarter last year. Zoom’s expecting to earn almost $4 billion in revenue for the fiscal year of 2022.

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The firm’s shares were up 2% in the after-market trading at the time of writing.

But it’s not all glitz and glory for Zoom in the future. As parts of the world are getting vaccinated, organizations are thinking about resuming work from offices. The company has to be aware that this might affect the usage of its products.

Last month, the firm released support for the Center Stage features on the new iPad Pros and an AI-based feature to automatically create highlights of a recorded meeting. In the past few months, Zoom has expanded its presence to smart screens in homes such as Facebook’s Portal and Google’s Nest Hub Max to facilitate personal conversations.