Zoom operations see financial growth despite 'unusual' 2020
Top video conferencing company Zoom, has seen an increase in its revenue. The firm is hopeful that the success enjoyed last year will continue.
Zoom experiences great growth during the pandemic
Zoom founder Eric Yuan whose video operations exploded during the Covid-19 pandemic says remote work is the way forward. The video meeting firm has projected an increase in sales to about 42% this year which should be around $3.8 billion.
The financial predictions of this firm have to increase the share market to go up 7% after some hours of trading in New York. Many investors have been on the lookout for clues on how the video company will make the firm. However, as vaccine administration increases and lockdowns are lifted, it seems people still prefer using the platform for physical meetings.
Although Mr. Yuan said they might not grow as they did last year, business so far has been encouraging and hopes they continue. The stocks of zoom in the last four months in 2020, soar up to 380% compared to similar periods in 2019. They have reached $883 million in Mather value.
Remote work is here to stay - Zoom CEO
According to Eric Yuan,
'' The global world is gradually coming out of the pandemic, but the real work has just started. ''
The COVID-19 pandemic has made many businesses continue to work remotely which has made Zoom, a popular firm, suddenly. The video tech firm charges top firms for meetings while allowing some free operations to members of the public. In 2020, it saw its shares rise about 330% to $2.7 billion in 2020.
Their profits also jumped from $22m in 2018 to $690 million. While some businesses have continued to call staff back to work, many have told their staff to keep working from home till further notice. Remote operations have been beneficial to many firms globally.