JAKARTA – Zoom Video Communication Inc. released its performance achievements in the first quarter of 2020. The application used for video conference or meeting virtually, it experienced a 169 percent increase in revenue, compared to the achievement in the first quarter of last year.
Quoted from CNBC, Wednesday, June 3, Zoom generated revenue of US $ 328.2 million or the equivalent of Rp4.5 trillion (exchange rate of Rp.14,000 per US dollar) in the first quarter of 2020. With this achievement, Zoom also nearly doubled its revenue target for this year. , from US $ 1.78 billion to US $ 1.80 billion.
The event of COVID-19 is indeed a blessing for Zoom. Work from home and stay at home allows people to use this application almost every day both for work or just greeting friends and family.
Needham & Company senior analyst, Richard Valera said this had never happened in his 20 years analyzing the world of technology. This, according to him, was an extraordinary result.
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Zoom is able to change perceptions from a business-oriented teleconferencing tool to become a place of daily gathering. Zoom’s most recent quarterly reports that the app now has about 265,400 subscribers, a nearly four-fold increase from the previous year.
Zoom is now competing with Webex Cisco Systems Inc, Microsoft Corp Teams and Google Meet for paying primarily corporate customers, while offering a free version to consumers.
Although Zoom’s revenue has increased sharply, the company’s operating costs have also risen sharply. The company’s operating costs rose 330 percent to 103.7 million US dollars, which lowered the gross margin to 68.4 percent from 80.2 percent a year earlier.
One of Zoom’s biggest costs is the data center and bandwidth for making hosted calls. Zoom runs several data centers of its own, but it also pays for services cloud computing such as Amazon.com Inc. Amazon Web Services and Microsoft. Last April Zoom added Oracle Corp as a vendor.
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