The video conferencing app Zoom has enjoyed widespread adoption due to the Covid-19 pandemic and has seen its stock soar more than 600% in 2020. Zoom went public in April 2019 at a valuation of $9 billion and now has a market value of over $136 billion. 

Zoom has maintained its stellar growth this year as indicated by its just-released financial results for the third quarter of this year ended September 30, 2020. The company posted $777.2 million in revenue, up 367% over the year, and a net income of $198.4 million.

Zoom reports now having 433,700 customers with more than 10 employees and 1,289 customers contributing more than $100,000 in annual revenue. The company ended the quarter with a cash balance of $1.9 billion.

Forecast

For the fourth and final quarter of this year, Zoom is forecasting that it’ll make between $806 million and $811 million in revenue. For the full year, the company projects that it’ll make about $2.6 billion in revenue, compared to $331 million in 2019.

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