In just a day, Zoom's CEO, Eric Yuan got $6.6bn richer as Zoom's stock skyrocketed over 40% yesterday 🤯
So what happened exactly?
Zoom posted blowout July-quarter sales results on Monday with revenues soaring to $663mn (4x compared to 2019) hands down beating the estimates of ~$500mn.
The key here is that Zoom was able add high-budget corporate paying customers with its new users contributing to 81% of its revenue growth.
Does this mean anything for the future of remote work?
Absolutely. Firstly, the remote work boom in 2020 is the primary reason behind Zoom's exponential growth.
On top of that, the crazy increase in Zoom's paying customers clearly indicates that companies are shifting from addressing just immediate business continuity to supporting a future of working from anywhere.
But my Zoom still sucks 😭
Okay, that might be an exaggeration. We all love Zoom but it doesn't solve for everything and comes with its own set of problems. Plus its free plan isn't that generous 😐
We discuss the pros/ cons & best ways of using remote-first products each week on our community - here's the Zoom thread. Join in to share your thoughts and you might learn a new thing or two about your favourite products!
The current hot topic for discussion is emails for work including the likes of Superhuman and Hey. Join the discussion right away if you don't want to wait until next week or later for me to just share the summary 😎
Zoom lingo that got popular this year
Zoom fatigue - Emotional and physical stress that creeps in due to excessive number of video calls - professional and personal.
Zoom bombing - Strangers intruding your Zoom meeting because your links are publicly shared and meetings aren't password protected. Privacy issues got Zoom into big trouble a few months back.
P.S. Noticed changes in the newsletter? Read more about what to expect in the coming weeks here.
Here's what our users had to say:
John Wade said "Zoom's ride to success continues to inspire me. It was quite surprising to learn that Zoom has surpassed the 109-year-old tech giant IBM in market cap. In spite of facing initial hiccups (security & privacy issues), Zoom managed to come out of the pandemic as a true winner."