It's an honor and privilege to serve the world. “I have to say, you know, I joke I think I have ulcers from that time period, to be honest, just responding to the demand,” she said. The incredible growth - and seeming overnight transformation of the video chat service to one used by individual consumers, small businesses, and community groups - was a struggle to fully comprehend, Bawa admits. Revenue increased from $166.6 million in fiscal Q3 2020 to $777.2 million in fiscal Q3 2021. The company started the year with 74,100 customers with more than 10 employees and saw that number increase to 433,700 customers with more than 10 employees by the end of November. Zoom measures user numbers by customers with more than 10 employees, and those that paid more than $100,000 in the last 12 months. And as the pandemic spread from country to country, users began jumping on Zoom not only to do work, but also to spend time with coworkers, friends, and family.Ī couple celebrates Thanksgiving with friends by having dinner together over a Zoom video call on Novemin New York City. It was Zoom’s ease of use - send a link and you’re in a chat - that helped win over companies seeking a video communications tool for their employees. While the company wasn’t marketed as an option for everyday people to replace the likes of Skype or FaceTime, it has done exactly that.
It was built for enterprises that needed a video chat platform for virtual meetings. Zoom wasn’t designed for consumers, though. "Zoom also has the advantage of being born in the cloud, which gives it an advantage over vendors like Cisco that have faced challenges in transitioning their legacy products." "With the global launch of Zoom Phone, the company is now on par with incumbents like Microsoft and Cisco," Raul Castanon, an analyst at 451 Research, wrote in a note to clients following the company’s Q3 earnings. Even Apple ( AAPL) and Facebook ( FB) offer video chat solutions popular with everyday consumers. Still, the firm faced major competition from tech giants in the video chat space including Microsoft ( MSFT), Google ( GOOG, GOOGL), and Cisco ( CSCO). But Zoom, unlike its contemporaries, was actually profitable. Zoom went public in April 2019 alongside other big-name tech unicorns including Pinterest ( PINS), Lyft ( LYFT), and Uber ( UBER). See also: 3 reasons Tesla isn’t our Company of the Year From enterprise to the home It’s for all of those reasons that Zoom is Yahoo Finance’s 2020 Company of the Year. Zoom’s stock price has skyrocketed in the last 12 months, jumping an incredible 475% from $71.90 in January to $410.01 as of the close of markets on Dec. In its most recent quarter, Zoom saw year-over-year revenue growth of 367%, with the number of customers who spent more than $100,000 in the trailing 12 months growing 136% year-over-year.Īnd investors have been watching. Still, Zoom has become the app used by everyone from the Federal Reserve to everyday Americans trying to keep their social lives afloat. The FBI even issued a warning about teleconferencing “hijacking” amid COVID-19 that specifically referred to Zoom. In March, Zoom came under fire for so-called Zoom-bombings, where uninvited users “bomb” meetings to annoy or harass invited meeting members. The videoconferencing company is headquartered in San Jose, Calif. Zoom CEO Eric Yuan, center, celebrates the opening bell at Nasdaq as his company holds its IPO, Thursday, April 18, 2019, in New York. “And I think the biggest benefit of Zoom that you're seeing in the user base is that we do provide that human connection when we desperately need it most.” Nobody has planned this pandemic,” Zoom COO Aparna Bawa told Yahoo Finance. “I would have loved to say that we had planned it perfectly.
In the year 2020, “Want to Zoom tonight?” often replaced the phrase, “Want to grab a drink?”Īnd “Zoom school” has become familiar to parents worldwide as school closures keep kids out of physical classrooms.Īll of this from an app that wasn’t even designed for regular consumers. Like calling a web search Googling, video chatting has become Zooming rather than Skyping or FaceTiming.
Zoom keybase kept chat images from free#
Amid a global pandemic that shuttered huge swaths of the economy, drove millions out of work, and forced the term “social distancing” into the national lexicon, the video chat service turned into a lifeline for millions of people.įounded nine years ago, Zoom became a household name in 2020, as homebound consumers looked to the video chat service’s free 40-minute option to connect with friends and family.
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