Zoom crosses $1 billion in quarterly sales for the first time

: Written by: ZDNet; Category: News; Published: 30 August 2021; Hits: 346

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Edition: ^[1]

The videoconferencing company beat top and bottom-line estimates in the second quarter with 54% growth in sales.

Zoom's second quarter financial results ^[2] beat top and bottom-line market estimates, the company reported Monday, with total quarterly revenue exceeding $1 billion for the first time in the company's history.

However, shares were down in after-hours trading.

Zoom's non-GAAP net income for the quarter was $415.1 million, or $1.36 per share. Total revenue for the second quarter came to $1.021 billion, up 54% year-over-year.

Analysts were expecting earnings of $1.16 per share on revenue of $990.96 million.

"In Q2, we achieved our first billion dollar revenue quarter while delivering strong profitability and cash flow," Zoom founder and CEO Eric S. Yuan said in a statement. "Q2 also marked several milestones on our expansion beyond the UC platform. We launched Zoom Apps, bringing over 50 apps directly into the Zoom experience, and Zoom Events, an all-in-one digital events service. Today we are a global brand counting over half a million customers with more than 10 employees,

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Zoom crosses $1 billion in quarterly sales for the first time