Zoom reported its performance results for the end of the July 2024 quarter, with total revenue increasing by 2.1% from the same period last year to $1,162.5 million. Net profit according to GAAP was $219.0 million.
Revenue from Enterprise customers increased by 3.5% to $682.8 million, while revenue from online channel customers was $479.7 million, similar to the previous year. The number of customers generating over $100,000 in revenue over the past 12 months increased by 7.1% to 3,933, with a total of approximately 191,600 enterprise customers. The online customer churn rate stood at 2.9% per month, a decrease of 30 Basis Points.
Zoom CEO, Eric S. Yuan, stated that the performance in the quarter exceeded the company’s expectations, with strong operating cash flow and increased free cash flow. The online customer churn rate was at an all-time low, and Zoom Contact Center saw an increase in business from customers, with over 1,100 new customers added.
TLDR: Zoom’s quarterly report shows a 2.1% increase in revenue, with a low online customer churn rate and a growing customer base, especially in the Enterprise segment. CEO Eric S. Yuan highlighted the company’s strong performance and increased cash flow.
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