After ‘unprecedented’ 2020, Zoom expects further growth

Zoom boss Eric Yuan, whose business exploded during the pandemic, believes working from home is here to stay.

Following a hugely successful 2020, the video conferencing company expects sales to rise more than 40% this year, reaching more than $3.7bn.

Investors have been watching closely for clues as to how the firm, whose video conferencing platform became extremely popular during the quarantine, will perform as more people get vaccinated and social distancing restrictions lift.

Zoom said it did not expect growth to continue at the pace it enjoyed last year, but so far business remains strong.

The firm’s sales in the last three months of 2020 were up 370% compared to the same period in 2019, hitting $882.5m.

“The fourth quarter marked a strong finish to an unprecedented year for Zoom,” Zoom CEO Eric Yuan said Tuesday. “As the world emerges from the pandemic, our work has only begun.”