COVID-19 has had far reaching consequences for myriad businesses the world over, but as workers opted for digital means to get their work done, video conferencing platforms like Zoom have come up trumps.
Reporting an incredible rise in revenue at the close of the fiscal year, the company’s quarterly earnings report revealed Q4 revenue of $882.5 million (€735m), in a stunning 369 per cent increase over the same period on the previous year.
The report also showed that the platform had approximately 467,100 customers at the end of January, an increase of 470 per cent from the same period on the previous year.
“The fourth quarter marked a strong finish to an unprecedented year for Zoom,” Founder and CEO Eric Yuan said of the results. “We are humbled by our role as a trusted partner and an engine for the modern work-from-anywhere environment.”
“Our ability to rapidly respond and execute drove strong financial results throughout the year,” the CEO continued, adding, “we believe we are well positioned for strong growth with our innovative video communications platform.”
The report forecasted that the video conferencing platform will continue to grow by some 40 per cent in 2020.
He takes over from Alejandro Gosttuski, who will now take on the role of an Advisor.
The company, set to launch soon, will seek to provide clients with ‘customer-centric and innovative’ financial services.
The Malta Stock Exchange recently joined other exchanges for the inaugural Ring the Bell for Climate initiative.
Family businesses account for more than 70% of Malta’s SMEs, and are hence vital components of the local economy.