Zoom is doing pretty well. The company reported $777.2 million in revenue during its third quarter, well over 4x its revenue from the same quarter last year. That’s now two quarters in a row that Zoom’s revenue has quadrupled. Zoom expects to quadruple its revenue year over year once again in the fourth quarter.
The immense success should come as no surprise. Zoom became the go-to videoconferencing app at the start of the pandemic, and it’s managed to hold on to that spot even as other services — like Google Meet, Slack, and Microsoft Teams — have increasingly vied for attention.
Zoom doesn’t state how many users it has in total, but its metrics around paying customers continue to grow. The company now has 433,700 subscribers with more than 10 employees, up from 370,200 last quarter, and it grew the number of customers delivering more than $100,000 in revenue over the prior year to nearly 1,300, from around 1,000.
While Zoom expects to keep reporting huge numbers next quarter, there are signs its period of immense and rapid growth is over. The company is once again warning of higher-than-usual customer losses before the end of the year, and its revenue growth — while remarkably high — appears to have flattened. That said, the bigger test will come down the road, when Zoom may have to contend with a return to in-person work that could eat into its customers’ reliance on videoconferencing.