Zoom has reported $777.2 million USD (about $1.006 billion CAD) in revenue for the third quarter of 2020.
This number is four times its revenue from the same quarter a year ago and marks two quarters in a row where its revenue has quadrupled. Zoom also expects to quadruple its revenue year-over-year in Q4 2020 as well.
Zoom’s success isn’t exactly a surprise as the company became the go-to video conferencing platform at the start of the pandemic. Despite other platforms like Google Meet and Microsoft Teams offering significant competition, Zoom has managed to hold on to its success.
The company doesn’t disclose how many users it has in total, but its number of paying customers continus to increase. In Q3 2020, Zoom reported 433,700 subscribers with more than 10 employees, which is up from the 370,000 reported in the last quarter.
Although Zoom expects to quadruple its revenue year-over-year in Q4 2020, there are signs that its period of extreme growth has ended. Zoom is warning investors of customer losses before the end of the year, and its revenue growth seems to have flattened.
In addition to this, there’s the question of whether Zoom will be able to hold on to its success once parts of the world return to in-person work next year when people may no longer have to rely on video conferencing.
