Zoom to reveal how it cashed in during lockdown

Quizzes and virtual parties over Zoom might already be a thing of the past – but the video conferencing company will on Tuesday reveal how it cashed in during lockdown. 

The California-based company, founded by entrepreneur Eric Yuan, is set to reveal soaring profits as shares hit new highs with many businesses continuing to use the software while staff work remotely. 

Zoom is expected to reveal that profits quadrupled to £62million in the three months ended July compared with the same period last year following a surge in its popularity during the coronavirus crisis. 

Cashing in: Zoom is expected to reveal that profits quadrupled to £62million in the three months to July

Cashing in: Zoom is expected to reveal that profits quadrupled to £62million in the three months to July

Cashing in: Zoom is expected to reveal that profits quadrupled to £62million in the three months to July

Revenues are forecast to be around £370million – a rise of around 240 per cent. 

Friends, families and colleagues used Zoom calls to keep in touch as countries around the world introduced lockdown measures. 

Businesses pay to use the software and Zoom hopes to turn more customers using its free service into paying subscribers in future. 

The company floated on Nasdaq in April last year with a valuation of £7billion. But the shares surged last week to new highs, valuing the company at an astonishing £63billion.

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