Zoom company has recently announced its latest revenue report that grew to $2.6 B with no indication of slowing down. Can it maintain its trajectory as vaccination programs are ramping up across the globe?
It has been almost a year since the start of the strict lack down where most companies shift to remote working for their employees. Part of the protocol that has been imposed by the local government is to limit employees working in the company offices. This is to control the rapid transmission of COVID-19 that took place in many countries around the world. Zoom company found a huge opportunity and took advantage by quickly responding to the surging need.
The pandemic has been a great opportunity for Zoom company
This has been a great opportunity for Zoom as it caters to the surge of video conferencing across the world. Recently, the company proudly announced its revenues had grown by 326% year-on-year to $2.6 B and there seems to be no indication of slowing down. Sales grew by 369% to $882.5 M during the last quarter.
Eric Yuan, the founder, and CEO of Zoom has been grateful for the trust bestowed on them as they tried to provide services equipped with an engine that allows work-from-anywhere setting. Its ability to quickly respond and execute has driven robust financial results throughout the year.
Zoom has become synonymous with video conferencing during the pandemic. While Zoom fatigue for facing the monitor for a long time has drawn attention recently, the COVID-19 crisis remains. And the traditional working in the office may not resume to the same pre-pandemic level as of yet.
Zoom company sees remote-working scenario to continue this year
Zoom anticipates that the remote-working scenario will still continue at least for this year 2021. Thus, the company projects around $900 M to $905 M revenues for the first quarter of the year.
Many workers and students are eager to return to their physical spaces in the coming months as vaccination programs progress. Many are hoping that the vaccines will certainly help curb the spread of the virus. However, this may not be that exciting for some of the Zoom investors.
Will remote-working continue even after the pandemic?
Nevertheless, there have been some indications that the coronavirus may leave a lasting impact on working in the office environment. A report from Pew Research says that during pre-pandemic only 20% of employees said that work-at-home can be done. Now, about 71% of them are currently doing their work from home either all or most of the time. And more than half of them hope that this set-up will continue even after the pandemic.
A survey done by Boston Consulting Group shows that 70% of that working-at-home felt more productive than when they were working in the office. Will the remote-working setup continue even after the pandemic? Let us wait and see.
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