Zoom sales soar by 326% to $2.6bn

The pandemic, which prompted an abrupt shift to remote work for many businesses around the world, transformed Zoom into a household name practically overnight.

Zoom, which charges businesses for its remote meeting software in addition to more limited free use for the general public, saw sales soaring by 326% to $2.6 billion in 2020. 

Profits jumped from just $21.7 million in 2019 to $671.5 million, reports BBC.

Now, it expects sales to rise more than 40% this year, reaching more than $3.7 billion.

Zoom says it did not expect growth to continue at the pace it enjoyed last year, but so far business remains strong. Because the firm’s sales in the last three months of 2020 were up 370% compared to the same period in 2019, hitting $882.5 million.

“The fourth quarter marked a strong finish to an unprecedented year for Zoom. As the world emerges from the pandemic, our work has only begun,” said founder of Zoom Eric Yuan on the occasion.

“The future is here with the rise of remote and work from anywhere trends,” Mr Yuan said in prepared remarks for investors. “We recognise this new reality and are helping to empower our own employees and those of our customers to work and thrive in a distributed manner,” he added.