Zoom is making tons of money right now, despite all of its problems

Many businesses were brought to their knees by the coronavirus pandemic, which left millions of people across the world in lockdown, out of a job, or both. But videoconferencing company Zoom is doing great. 

On Tuesday, Zoom released its earnings report for the quarter ending April 30, and the results are stellar. Revenue was $328.2 million, up 169% year-over-year, and net income was $27 million, a massive increase from just $0.2 million a year ago. 

Customer metrics were also very positive, with approximately 265,400 customers with more than 10 employees, up some 354% year-over-year. 

Zoom didn't share how many users overall it has, which is interesting given that company said in April it has 300 million daily users and then corrected itself by saying it's actually "300 million daily meeting participants," not users. But in terms of revenue, paying customers are what counts, and it certainly seems Zoom is doing well in that department.  Read more...