Posted on Wednesday, Dec 2nd 2020
Online video conferencing player Zoom Video Communications (NASDAQ: ZM) continues to benefit from the ongoing global lockdown conditions. As organizations and educational institutions struggle to open doors in-person, video and audio conferences remain an active mode of collaboration, translating to Zoom’s rapid revenue increase.
Revenues for the third quarter grew 367% to $777.2 million, shattering the market’s forecast of $694 million. Excluding items, Zoom reported an EPS of $0.99, again beating analysts’ estimate of $0.76.
Among key metrics, Zoom now has more than 433,700 customers with more than 10 employees, recording a growth of 485% over the year. Customers contributing more than $100,000 in trailing twelve month revenues grew 136% to 1,289.
Zoom forecast revenues of $806-$811 million for the second quarter with an EPS of $0.77-$0.79. It expects to end the current year with revenues of $2.575-$2.58 billion and an EPS of $2.85-$2.87. The market was looking for revenues of $730.1 million and an EPS of $0.66 for the quarter.
Zoom’s Growth Focus
During the quarter, Zoom announced a partnership with Lumen, offering its product as a part of Lumen’s Unified Communication and Collaboration Suite. As part of the partnership, Lumen will provide enhanced services around Zoom’s video-first unified communications platform to their large and growing base of customers across the globe.
Together, the two companies will provide improved delivery and managed services to the customers, thus enhancing enterprise experiences throughout the customer lifecycle. The Lumen network will also allow for a more secure offering by combining its embedded network security with Zoom’s built-in security features. The feature will allow it to proactively protect customers that use the combined services.
While the global pandemic has increased the adoption of Zoom significantly, it has
also exposed the market to its security issues. Zoom has been trying to address these concerns by deploying additional security features. Apart from the recent partnership with Lumen that will also strengthen security around its offering, Zoom has announced the release of its new end-to-end encryption (E2EE). E2EE is available to users globally, free and paid, for meetings with up to 200 participants. When users enable E2EE for their meetings, no one, except the participant can access the meeting. The encryption keys are locked out even to Zoom’s meeting servers.
Prior to the E2EE launch, Zoom’s cloud meeting server would generate encryption keys for the meeting and distribute them to meeting participants using Zoom clients as they join. Zoom’s E2EE now allows the meeting’s host to generate encryption keys and it uses public key cryptography to distribute these keys to the other meeting participants. Account admins can enable this E2EE feature in their web dashboard at the account, group, and user level.
Its stock is currently trading at $406.31 with a market capitalization of $115.5 billion. It was trading at a 52-week low of $62.02 in December 2019 and soared to a record high of $588.84 in October this year. Zoom went public last April when it raised $751 million at a valuation of $9.2 billion and list price of $36. Prior to listing, Zoom had raised $160.5 million with its last private funding round being held in January 2017 where it was
valued at $1 billion. This segment is a part in the series : Cloud Stocks . Smartsheet Acquiring Bootstrapped Startups to Drive Growth . Bootstrapped Unicorn Atlassian is Acquiring Capital Efficient Startups . Netflix Price Hike Ruffles Competition . How Will Carbon Black Differentiate? . ServiceNow Grows Through Addition of Capital-Efficient Startups . Zendesk and Freshworks Follow Different Acquisition Strategies . Tableau Grows Through Small Acquisitions . Open Platform Strategy Stands Intuit in Good Stead . Will GoDaddy Follow the PaaS Route? . Adobe Delivers Via PaaS More »» . A Look at Oracle’s 2018 M&A Activity . What Apps Will Drive More Traction for Cloudera? . Slack's App Focus Will Be Key to Post-IPO Success . IBM Counts on its Cloud and Platform for the Turnaround . Atlassian Acquires From its PaaS Marketplace . What Should SAP Acquire to Triple its Value by 2023? . Expect ServiceNow to Acquire From App Marketplace . Should Alarm.com Follow a PaaS Strategy? . 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Market Leader Tenable Leverages Acquisitions for Growth . Analysis of Zscaler's Recent Two Acquisitions . Analysis of Rapid7's Velocidex Acquisition . Dropbox Expands in International eSignature Market . MongoDB Rides High on Five Years of Atlas . RingCentral Leverages Partnerships for Growth . BlackLine Remains Focused on SAP . ON24 Expands Marketing Offerings . Analysis of Magnite's Spot X Acquisition . PagerDuty Focuses on Integrations . Analysis of Bill.com's Divvy Acquisition . C3.ai Doubles Down on Partnerships . Analysis of Coupa's Pana Acquisition . BigCommerce Eyes a Bigger Marketshare Through Walmart Tie-up . Analysis of Everbridge's xMatters Acquisition . Adobe's Digital Solutions Drive Stellar Growth . CrowdStrike Leads in Endpoint Security Through Tie-ups . Snowflake Focuses on Expanded Partner Program to Drive Growth . Analysis of Sumo Logic's Sensu Acquisition . Dynatrace Counts on AI to Continue its Market Leadership . Analysis of IBM's Waeg Acquisition . 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MongoDB's Atlas Capabilities Expand to the Government Sector . Analysis of Bill.com's Invoice2Go Acquisition . DocuSign Banks on Agreement Cloud . Smartsheet's Expanding Use Cases . Analysis of Salesforce's Servicetrace Acquisition . Zscaler Focuses on Federal Agencies . Coupa Launches PaaS Strategy . Analysis of BlackLine’s Kyriba Partnership . PagerDuty's Expanding Integration Portfolio . Analysis of Tenable's Accurics Acquisition . Upstart’s Improving AI Algorithm in FinTech Consumer Lending . Analysis of C3.ai's Growing Partnerships . Analysis of Veeva's Learnaboutgmp Acquisition . Analysis of Adobe's Frame.io Acquisition . Snowflake Focuses on the Financial Services Sector . CrowdStrike Expands Government Offerings . Zoom Focuses on Expanding Reseller Offerings . Dropbox Focuses on Content Creators with New Product . Analysis of Okta's atSpoke Acquisition . Sumo Logic Leverages Red Hat Marketplace . Analysis of Dynatrace's SpectX Acquisition . 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Qualys Expands Solutions to Address Ransomware . Veeva Eyes Data Cloud . Splunk Expands Partner Capabilities . Coupa Continues to Build on its PaaS . MongoDB Focuses on Winning Government Contracts . DocuSign Targets $50B Market Opportunity in Agreement Cloud . Smartsheet Focuses on PaaS Growth . C3.ai Expands Enterprise and Public Sector Presence . 25 Cloud Stocks to BUY in 2022 . IBM Realigns its Portfolio to Focus on AI and Hybrid Cloud . Analysis of ServiceNow's DotWalk Acquisition . Analysis of Atlassian's Percept.AI Acquisition . Should Microsoft Break Itself Up? . Google Focuses on AI Enhancements . Amazon to Test Prime Customer Stickiness . Bill.com Continues Focus on Services for the SMB Segment . Analysis of GoDaddy's Pagely Acquisition . HubSpot's PaaS Keeps Growing . Freshworks Targets IT Operations Management Market . Zendesk Rejects Private Equity Buyout Offer . Shopify Emerges as a Covid Beneficiary with Stellar Results . Wix Simplifies App Creation . 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Rapid7's Cross-Sell Capabilities Deliver Results . CrowdStrike Expands Partnerships to Address Cyber Attack Fears . Upstart Focuses on the Automobile Market for Growth . Zoom Adds Contact Center Capabilities to Enhance its UCaaS Stack . Tuya Struggles Amid Macro Economic Conditions . Analysis of Fastly's Fanout Acquisition . Analysis of BlackLine's FourQ Systems Acquisition . Analysis of IBM's Neudesic Acquisition . Analysis of Snowflake's Streamlit Acquisition . Google's Acquisition of Mandiant Fuels its Cloud Strategy . Microsoft Expands its Healthcare Cloud Offerings . Amazon Battles Margin Pressures . Atlassian Faces Stiff Competition . GoDaddy Targets a $126B TAM Opportunity . Bill.com Builds Value Added Services to Expand Wallet Share . Analysis of ON24's VIBBIO Acquisition . Twilio's Growth is Driven by Segment . Freshworks' Bots Make Customer Interactions Easier . Who Will Buy Zendesk? . Analysis of Shopify's Deliverr Acquisition . Wix Focuses on Profitability Amid Mounting Losses . Dynatrace Targets $50B Addressable Market . Analysis of Salesforce's Troop.Ai Acquisition . Analysis of Workday's VNDLY Acquisition . Nutanix Stumbles on Supply Chain Issues . Veeva Targets $13 Billion TAM . RingCentral Maintains UCaaS Leadership Through Partnerships and Innovation . Okta Bounces Back Stronger Despite Security Event . Adobe Strengthens its Creative Cloud Portfolio and Gets Ready for the Metaverse . Analysis of Zoom's Acquisition of Solvvy