Zoom eyes 40% surge in 2021 sales and a $3.7bn profit

Photo: AP

The video conference company Zoom saw its business explode in 2020 due to the Covid-19 pandemic lock downs and eyes yet another 40% surge in sales this year with profits expected to reach 3.7 billion dollars, BBC reported.

Zoom boss Eric Yuan,said that the practice of working from home is likely to stay for a longer period of time. Investors have been watching for clues as to how the firm would keep going as more people get vaccinated and social distancing restrictions lift. However, Zoom noted it did not expect growth to continue at the robust pace it enjoyed last year, but so far business remained strong. The firm's sales in the last three months of 2020 were up 370% compared to the same period in 2019, hitting $882.5m.

"The fourth quarter marked a strong finish to an unprecedented year for Zoom," Eric Yuan said. "As the world emerges from the pandemic, our work has only begun." The pandemic, which prompted an abrupt shift to remote work for many businesses around the world, transformed Zoom into a household name practically overnight. The firm, which charges businesses for its remote meeting software in addition to more limited free use for the general public, saw sales soar 326% to $2.6bn in 2020. Profits jumped from just $21.7m in 2019 to $671.5m. While some companies have started to ease staff back into the office, many others have said they expect that some of the increased flexibility introduced during the pandemic will linger.

"The future is here with the rise of remote and work from anywhere trends," Yuan said. "We recognize this new reality and are helping to empower our own employees and those of our customers to work and thrive in a distributed manner."

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