Zoom Video Communications, Inc. (NASDAQ: ZM) reported financial results for the second quarter ended July 31st, 2020. Total revenue for the second quarter amounted to USD 663.5 Million, a 355% increase year over year. GAAP net income reached USD 185.7 Million. The total revenue increase was driven primarily by 370,200 customers with over 10 employees, up 458% from the same period last year. 988 customers contributed over USD 100,000 in trailing 12 months revenue, a 112% rise compared to the same period last year.
“Organizations are shifting from addressing their immediate business continuity needs to supporting a future of working anywhere, learning anywhere, and connecting anywhere on Zoom’s video-first platform. At Zoom, we strive to deliver a world-class, frictionless, and secure communication experience for our customers across locations, devices, and use cases,” said Zoom founder and CEO, Eric S. Yuan. “Our ability to keep people around the world connected, coupled with our strong execution, led to revenue growth of 355% year-over-year in Q2 and enabled us to increase our revenue outlook to approximately $2.37 billion to $2.39 billion for FY21, or 281% to 284% increase year-over-year.”
For the third quarter the company expects total revenue to range between USD 2.37 to USD 2.39 Billion as the revenue outlook has calculated the increased demand for remote work solutions for businesses. Diluted EPS is expected to range from USD 2.40 to USD 2.47.