Hybrid Work Model ‘Here to Stay,’ Says Zoom CEO
Many Zoom customers are “looking to create hybrid solutions as they seek to cautiously reopen some offices,” said CEO Eric Yuan on an earnings call Tuesday for fiscal Q1 ended April 30. “The hybrid model is here to stay,” he…
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said. “Many companies are redesigning the workplace to enhance the hybrid work experience.” Q1 revenue of $956.2 million was up 191% from a year earlier, and exceeded “the high end of our guidance” by nearly 6%, said Chief Financial Officer Kelly Steckelberg. The “healthy mix” between new and existing customers helped drive the year-over-year revenue increase, she said. New accounts generated about 57% of the “incremental revenue” in the quarter, she said. Zoom customers with more than 10 employees generated 63% of revenue, and the 37% generated by accounts with 10 or fewer employees was up from 30% in Q1 last year and “stable quarter over quarter,” she said.