Due to COVID-19 boom... Zoom's adjusted revenue exceeded 1 trillion won last year

[Image source=AP Yonhap News]

[Asia Economy Reporter Cho Hyun-ui] The video conferencing platform "Zoom Video Communications" (hereafter Zoom) recorded adjusted revenue of $995.7 million (approximately 1.114 trillion KRW) last year, fueled by COVID-19. This is more than nine times the previous year's revenue of $103 million.

According to reports from MarketWatch and others on the 1st (local time), Zoom stated that its revenue surged 326% to $2.65 billion last year due to a rapid increase in users. Fourth-quarter revenue reached $882.5 million, a 369% increase compared to the same period last year, and net profit amounted to $206.4 million.

Founded in 2011 in Silicon Valley, USA, Zoom grew rapidly thanks to COVID-19. Not only the general public but also corporations and governments worldwide used the platform, and less than a year and a half after its IPO in September last year, its market capitalization surpassed IBM.

Zoom expects to continue its growth trend. The company projected its revenue forecast for this year to be between $3.76 billion and $3.78 billion.

Zoom's stock price surged 9.65% on the day, boosted by the announcement of results that exceeded market expectations.

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