Zoom increases revenue and profit forecast

Zoom’s revenue and profit projections have been boosted amid a robust demand by companies looking to implement their post-pandemic plans.

Eric Yuan said that despite the fact that more companies are ordering their staff to return to work, they still believe the video-conferencing system is “mission critical”.

Yuan welcomed “a solid start to the new year”. Zoom’s key enterprise customer base — which includes customers who generate recurring revenue of more than $100,000 — grew by 23 percent to 3,580.

In New York, shares of Zoom video Communications rose 2.1 percent, or $1.47 to $72.88 in after-hours trading.

In the three-month period ending April 30, revenue increased by 3 percent to $1.11 Billion. Net profit dropped from $113.6 to $15.4 millions.

The group anticipates generating annual sales between $4.47 and $4.49 Billion, an increase from $4.44 and $4.46 Billion. The group also raised its adjusted earnings forecast.

Zoom, which is based in San Jose in California, became well-known in the first months of the pandemic, when its daily users soared, and the majority of staff were forced to work at home. Since then, its share price has fallen sharply.

Yesterday, Britain’s largest seller of Rolex Omega and Breitling timepieces became the latest firm to ban working from home. It ordered its staff to return to the office for four days per week.

Brian Duffy is the chief executive of Watches of Switzerland and has mandated that all 500 employees of the company work Monday through Thursday in its new Leicester office. He said, “We have provided some really nice new office space and we insist on a 4-day work week.” “It could even be a return to a 5-day work week, as I’m sure that workers are more productive when they talk and work together.”

John Roberts, the boss of AO World and the electricals retailer AOWorld said last week he has banned hybrid work — coming in to the office intermittently — since January for its 3,000 staff.