Zoom Video Communications, the California-based company that went public just months ago, has recorded an exceptional rise as reported in their first earnings report released on Thursday. The company went public this April and in its earnings reported for the first quarter of 2019, recorded their total revenues to be USD 122 million. Their rise made it one of the most successful initial public offerings of this year.
The USD 122-million revenue corresponds to a 109 per cent year-on-year increase for the company, something that is as good as the company would have wanted it to be. The stocks went up after the reports were released and were priced at USD 79 recording a rise of around 2 per cent. Following its Initial Public Offering, the stocks for Zoom have traded at almost double of its initial offering price within just two months. Zoom has defied all expectations from the market as well. Market analysts had expected Zoom to rack up around USD 111.4 million. As for the annual goals are concerned, the video conferencing company is expecting a total revenue in excess of USD 535 million with losses between USD 0 to USD 3 million.
After it went Public, Zoom launched a long list of updates, including the Zoom Phone feature. A cloud-based calling solution, Zoom Phone allows users to set up calls quickly without video. The Zoom Phone comes with recording and Voicemail that allows you to listen to conversations or read through them on any other device. Zoom Phone also has an auto-attendant and an impressive set of IVR tools. It also boasts of intelligent call management and routing that ensures users don’t miss out on any important conversation. Zoom Phone has made Zoom a full-fledged communication service company and is expected to take the success further up.