Video conferencing application, Zoom, has reported a rise of 355 per cent year on year in its total revenue. As per the company, its second quarter stood at USD 663.5 million. This is as per the financial results for the quarter ended July 31, 2020.
GAAP (generally accepted accounting principles) income from operations for the quarter was USD 188.1 million, compared to USD 2.3 million in the second quarter of fiscal year 2020. After adjusting for stock-based compensation expense and related payroll taxes, expenses related to charitable donation of common stock, and acquisition-related expenses, non-GAAP income from operations for the second quarter was USD 277.0 million, up from USD 20.7 million in the second quarter of fiscal year 2020. For the second quarter, GAAP operating margin was 28.3 per cent and non-GAAP operating margin was 41.7 percent of Zoom.
Approximately 370,200 customers went up approximately 458 per cen from the same quarter last fiscal year. The Zoom company stated that around 988 customers contributed more than USD 100,000 in trailing 12 months revenue, up approximately 112 per cent from the same quarter last fiscal year.
Zoom founder and CEO, Eric S Yuan. “Our ability to keep people around the world connected, coupled with our strong execution, led to revenue growth of 355 per cent year-over-year in Q2 and enabled us to increase our revenue outlook to approximately USD 2.37 billion to USD 2.39 billion for FY21, or 281 per cent to 284 per cent increase year-over-year.”
In the third quarter of fiscal year 2021, the total revenue is expected to be between USD 685 million and USD 690 million and non-GAAP income from operations is expected to be between USD 225 million and USD 230 million. In the full fiscal year 2021 the total revenue is expected to be between USD2.37 billion and USD 2.39 billion. “This revenue outlook takes into consideration the demand for remote work solutions for businesses.”