Popular video conferencing platform Zoom has reported a dramatic Q2 revenue increase, beating out all analyst expectations by a significant margin.
Zoom revenue has grown 355 percent since last year - after an increase of 169 percent recorded in Q1 - with the majority of the rise attributed to new customer subscriptions (81 percent).
According to a CNBC report, the company's income topped $180 million, up from $5.5 million this time last year, while gross margin jumped 72.3 percent.
The most significant increase, perhaps expectedly, was in the number of monthly active users – up 4,700 percent. When lockdown was in full swing, Zoom averaged 148.4 million users.
According to market analysts Refinitiv, Zoom was expected to hit a price per share of 45 cents, but ultimately reached 92 cents per share. As for revenue, the firm brought in $663.5 million, with analysts expecting approximately $500 million in earnings.
Zoom shares were up 25 percent after-hours on the news and up 369 percent since the start of the year (excluding the most recent after-hours spike).