Zoom has become commonplace for many of us over the past few years, but doubts that the company may struggle to thrive after the pandemic has eased have truly been fueled by the latest financial results.
The video conferencing giant reports first-quarter 2023 revenue of $1.073 billion, up 12% year-over-year, and its outlook for the second quarter is better than expected.
Zoom shares surged 16% in a stronger-than-expected result as values plunged sharply after pandemic restrictions were eased in many countries.
Even more impressively, given how many companies are desperately trying to get their employees back to the office full-time, Zoom has recorded a staggering increase in its high-spending corporate customers.
The company said the number of customers donating $100,000 or more increased 46% year over year, showing that hybrid work is really the way forward. Overall, Zoom currently has approximately 198,900 enterprise customers, a 24% increase over the same quarter of the previous fiscal year.
Zoom has focused on developing a set of enterprise-focused tools and services to attract these customers, the company noted that its Zoom Rooms and Zoom Phone reached 3 million seats during the quarter.
“The launch of Zoom Contact Center, Zoom Whiteboard, and Zoom IQ for Sales in Q1 demonstrates our continued focus on enhancing the customer experience and facilitating hybrid work. We believe that these innovative solutions will further expand the market opportunities for future growth and expansion together with our customers.” said Zoom Founder and CEO Eric S. Yuan.
It is known that Zoom is planning to enter the customer service market in earnest by acquiring Solbi, a contact center company, along with the aforementioned products.
The company also announced a wave of updates aimed at building its own metaverse. A new collaboration mode allows hosts to launch creative experiences for attendees and interact with apps. A small group meeting room, on the other hand, is a private discussion space in the main meeting room where people can have a more focused conversation.