{"id":42390,"date":"2021-08-31T11:45:30","date_gmt":"2021-08-31T11:45:30","guid":{"rendered":"http:\/\/icloud.pe\/blog\/?guid=0eeb8db73b2bb0126239e3f2fe5747a8"},"modified":"2021-08-31T11:45:30","modified_gmt":"2021-08-31T11:45:30","slug":"zoom-reports-first-billion-dollar-quarter-despite-slowing-growth","status":"publish","type":"post","link":"https:\/\/icloud.pe\/blog\/zoom-reports-first-billion-dollar-quarter-despite-slowing-growth\/","title":{"rendered":"Zoom reports first billion-dollar quarter despite slowing growth"},"content":{"rendered":"


\n Bobby Hellard<\/a><\/span>
\n <\/span><\/p>\n

\n
\n
31 Aug, 2021<\/span><\/div>\n<\/p><\/div>\n<\/div>\n

\n<\/a><\/p>\n

\n

Zoom<\/a>\u00a0posted its first billion-dollar quarter on Monday but issued a cautious estimate for the rest of the year with demand for the platform expected to slow dramatically.<\/p>\n

The company’s Q3 revenues brought in between $1.015 billion and $1.020 billion, a 31.2% rise year-on-year.\u00a0<\/p>\n

<\/p>\n

\nZoom was one of the biggest success stories of the pandemic, enjoying\u00a0unparalleled growth<\/a>\u00a0and adoption in its business while consumers and companies were forced into multiple lockdowns. By the middle of 2020, the company had seen its\u00a0daily active users grow by 355%<\/a>.<\/p>\n

However, there has long been a feeling that this would dissipate with the successful rollout of\u00a0COVID vaccines and the return to the workplace.<\/p>\n

“We had expected that (the slowdown) towards the end of the year, but it’s just happened a little bit more quickly than we expected,” chief financial officer Kelly Steckelberg said on an earnings call.<\/p>\n

Zoom has also faced stiff competition from the likes of Cisco Webex and Microsoft Teams, both of which have dented its efforts to win bigger contracts from businesses.<\/p>\n

Zoom said it expects a decline in revenue from smaller businesses – those with 10 or fewer employees – that pay their subscriptions on a monthly basis. The company has adjusted its earnings for the third quarter, expecting between $1.07 and $1.08 per share, compared to previous estimates of $1.09 a share.\u00a0<\/p>\n

The company has also pushed ahead with plans to expand its business, essentially moving from a service to a global platform like Google. It recently announced a buyout of call-centre software maker Five9 for $14.7 billion – its largest deal to date – and has also begun to\u00a0invest in smaller firms<\/a>\u00a0to build products and services on its platform.\u00a0 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Bobby Hellard<\/p>\n

31 Aug, 2021 <\/p>\n

Zoom\u00a0posted its first billion-dollar quarter on Monday but issued a cautious estimate for the rest of the year with demand for the platform expected to slow dramatically.
\nThe company’s Q3 reven…<\/p>\n","protected":false},"author":403,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-42390","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/posts\/42390","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/users\/403"}],"replies":[{"embeddable":true,"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/comments?post=42390"}],"version-history":[{"count":1,"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/posts\/42390\/revisions"}],"predecessor-version":[{"id":42391,"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/posts\/42390\/revisions\/42391"}],"wp:attachment":[{"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/media?parent=42390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/categories?post=42390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/icloud.pe\/blog\/wp-json\/wp\/v2\/tags?post=42390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}