Zoom reports Q3 revenue increase of 367% y-o-y

Zoom Video Communications has announced financial results for the third fiscal quarter ended October 31, 2020. Total revenue for the third quarter was $777.2 million, up an astonishing 367% year-over-year. It has also added more than 400,000 new customers (with more than 10 employees), up approximately 485% from the same quarter last fiscal year.

Zoom founder and CEO, Eric S. Yuan said: “Strong demand and execution led to revenue growth of 367% year-over-year with solid growth in non-GAAP operating income and cash flow in our third fiscal quarter. We expect to strengthen our market position as we finish the fiscal year with an increased total revenue outlook of approximately $2.575 billion to $2.580 billion for fiscal year 2021, or approximately 314% increase year-over-year.”

Total revenue for the third quarter was $777.2 million, up 367% year-over-year.

At the end of the third quarter of fiscal year 2021, Zoom had approximately 433,700 customers with more than 10 employees, up approximately 485% from the same quarter last fiscal year. 1,289 customers contributed more than $100,000 in trailing 12 months revenue, up approximately 136% from the same quarter last fiscal year.

Zoom's revenue outlook takes into consideration the demand for remote work solutions for businesses. It also assumes increased churn in the fourth quarter when compared to historic churn levels due to a higher percentage of customers who purchased monthly subscriptions.

For Q4 2021 total revenue is expected to be between $806.0 million and $811.0 million.

For the full fiscal year 2021 total revenue is expected to be between $2.575 billion and $2.580 billion.

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