Zoom's quarterly revenue exceeded $1 billion

For the first time in history, Zoom's quarterly revenue exceeded $1 billion despite a decline in demand due to the easing of quarantine restrictions, The Wall Street Journal reports.

Zoom's profit in the second quarter rose to about $317 million ($186 million a year earlier), and revenue reached $1.02 billion ($663.5 million a year ago). The results beat both Zoom's own forecasts and Wall Street's consensus forecasts, according to a FactSet survey. The company now expects annual revenue to reach $4.01-4.02 billion (the previous forecast is $3.98-3.99 billion) and $4.75-4.79 earnings per share (the previous range is $4.56-4.61 per share).

Zoom reported that at the end of the quarter it has about 504,900 users (in the past there were 497,000). Over the past months, the service has been adding new features and services. For example, in July, the company agreed to buy a provider of cloud software for communication with customers, Five9. This transaction, according to the company, will allow Zoom to enter the call center market.