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Zoom revenue skyrockets 326 percent in a year amid COVID-19

Zoom revenue skyrockets 326 percent in a year amid COVID-19
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Zoom reported a massive revenue increase in the latest fiscal year after the COVID-19 pandemic struck, spurring workers, students, lawmakers and others to use the online platform. 

The video communication company documented a $2.65 billion revenue during the 2021 fiscal year, amounting to a 326 percent increase from the previous fiscal year. In the fourth quarter alone, revenue jumped by 369 percent to $882.5 million. 

“We are humbled by our role as a trusted partner and an engine for the modern work-from-anywhere environment. Our ability to rapidly respond and execute drove strong financial results throughout the year,” Eric Yuan, Zoom’s founder and chief executive officer, said in the statement.

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Zoom noted that it expects its revenue to reach between $900 million and $905 million in the first quarter of fiscal year 2022 as remote work and school continues almost a year after the U.S. initially shut down.

COVID-19 vaccinations started rolling out in December, indicating a potential end in sight of the pandemic, with the third vaccine being approved by the Food and Drug Administration (FDA) over the weekend. 

But even with more than 76.8 million doses administered, according to the Centers for Disease Control and Prevention, many students and employees continue to work at least partially from home.

The pandemic is also expected to alter the popularity of remote work as more than half of workers, who say their job could be done from home, want to continue remote work, according to Pew Research Center