Zoom’s earnings skyrocketed last year as worldwide demand for online meeting solutions jumped amid the COVID-19 lockdown. Even though the popular video conferencing platform created remarkable revenue through its financial year 2021, the year’s last quarter set a new record.

Based on statistics presented by Buy Shares, Zoom reaches record-high quarterly earnings of $882.5 million in Q4 FY 2021, nearly a 370% increase year-over-year.

Zoom’s annual revenue soared by 700% in two years.

Unlike several different industries, video conferencing systems saw explosive growth amid the COVID-19 catastrophe, as countless people began working from home. But, Zoom emerged as the most favored platform for holding virtual meetings. As states throughout the world imposed lockdowns, relatives also turned into Zoom as a means of keeping connected. Museums, theaters, and colleges picked the platform to stay regular operations.

Zoom additionally turned into a cultural phenomenon with the ban on social gatherings through hosting parties, concerts, church services, and art displays. The spike in the number of consumers resulted in a 700% earnings growth in a couple of decades.

In the financial year 2019, Zoom generated $330.5 million in earnings, revealed in the organization’s earnings report. In the next twelve weeks, this figure jumped by over 88% to $626.6 million. The two-digit growth was driven by a powerful Q4 FY 2020, fitting the interval between January and March 2020, once the pandemic already struck. Zoom’s quarterly earnings jumped by 78% YoY in these three months and reached $188 million.

The powerful increasing trend continued in the subsequent months, with earnings increasing to $328.1 million in the next quarter of this calendar year 2020. Statistics demonstrate that this figure more than doubled from the upcoming three-month interval and reach $663.5 million.

However, the fourth quarter of this financial year 2021, fitting the interval between January and March 2021, delivered the greatest annual earnings in Zoom’s background, inducing yearly earnings to grow over the expectations to $2.65bn.

Nearly 70% of the value, or $1.83bn, was created from the Americas since the most significant Zoom marketplace. Consumers from the EMEA area, since the second-largest market, made $486 million in earnings. Asia followed with $332.8 million, respectively.

Zoom’s market cap soared by 357% YOY

Though the Zoom stock price has risen steadily during 2020, a clear statement concerning the efficacy of a COVID-19 vaccine in November last year led to the cost falling by over 30% from the end of the year.

Since that time, the share price fluctuated and lately saw even more of a recession, reaching $328.95 final week.

In December 2020, the common value of Zoom stocks stood at $115.5bn, shown by the MacroTrends data. This figure fell to $96.6bn within the previous four weeks, nevertheless a 357% increase YoY.