Zoom’s first quarter net profit surges as revenue soars – The National

Zoom’s first quarter net profit surges as revenue soars – The National

Zoom Video saw a huge spike in its first quarter net profit for the three months ending April 30 as its revenue soared on the back of the company adding more customers.. Net profit to shareholders surged to $27 million (Dh99.5m), which was 135-times the $200,000 earned in the same period a year ago.. Revenue for the period reached $328.2m - a yearly increase of 169 per cent, the company said.. In its last financial year ending January 31, the company made $622.6m in revenue.. Zoom shares, which started the year at around $69, closed at $208.08 on Tuesday.. In April, the company said the current number of daily meeting participants across Zoom's paid and free services has surged to 300 million, from about 10 million in December.. The number of participants has fallen from its peak in April, but " over the long term, we expect it to grow beyond that 300 million number", said Ms Steckelberg.. Other concerns have arisen regarding how the company has shared users' data.. The company, which went public in April 2019, said that the offices of more than 25 attorneys general in the US had raised questions about privacy issues and it is