Zoom

Zoom is a cloud-based platform that provides video, audio, and web conferencing solutions across desktops, laptops, telephones, conference room systems, and mobile devices. It also offers a software development kit (SDK, launched more recently in March 2021) to help software developers integrate Zoom video services such as HD video, audio, and interactive features into other applications. In March 2023, Zoom introduced new features such as AI-powered meeting summaries, email responses, and whiteboard generation. The company also introduced non-AI products such as Zoom Scheduler and virtual coworking spaces called "Zoom Huddles," to compete with rivals like Slack, Calendly, and Microsoft. The company also offers a whiteboard product (launched April 2022) that lets users collaborate in and out of meetings. Zoom Contact Center, an in-house development, was launched in February 2022, marking Zoom’s entry into the contact center space.In August 2024, the company introduced Zoom Docs, a collaborative document editor supported by Zoom's AI companion. They also rolled out a new single-use webinar option, capable of accommodating up to 1 million participants, along with smart name tags for meetings aimed at improving engagement and inclusivity.In September 2024,Zoom launched new add-ons for enterprise customers for improved compliance and security. Followed by an announcement to launch new AI-powered features like AI Companion 2.0, Zoom Tasks, and enhancements to Zoom phone, docs, and rooms for its work platform, Zoom Workplace (October 2024). 
 

Zoom emerged as the leading tool for individuals, schools, and businesses to work and communicate amidst the e Covid-19 pandemic. The company’s daily active users (free and paid) increased to 200 million in March 2020 from just 10 million in December 2019. In May 2020, it announced the acquisition of encryption security services provider Keybase to build end-to-end encryption on its platform. This was driven by multiple security concerns about the platform driven by elevated usage as a result of the pandemic. 

In April 2023, Zoom announced the acquisition of Workvivo, an Irish enterprise social network platform. The financial details of the acquisition were not disclosed, but it is expected to be completed by the end of May 2023. Workvivo's team is expected to join Zoom following the closure. Zoom planned to expand its product range, access enterprise clients, and integrate Workvivo's functionalities into its platform.  This follows its deal to acquire Solvvy, a conversational AI platform for customer support in May 2022 , to improve Zoom’s in-house contact center product by adding conversational AI and scalable self-service capabilities. Zoom also announced the acquisition of Kites , an AI-based translation solutions provider based in Germany, in June 2021. 

Zoom has made a couple of strategic investments in video conferencing hardware brands Neat (USD 30 million in September 2021) and DTEN (undisclosed amount in October 2021). Zoom also acquired Liminal , an event production company, in December 2021 to improve its hybrid event management capacity and expand its event management offering.

Key customers and partnerships

In October 2024, ServiceNow and Zoom partnered to integrate AI technologies for enhanced productivity followed by a partnership with Suki to offer AI-powered note-taking for doctors during telehealth consultations. Previously in April 2024, Zoom partnered with Theta Lake, a compliance and communication security company, to launch the Zoom Compliance Manager which offers compliance solutions across all Zoom applications. Zoom partnered with OpenAI for its AI features (March 2023), including Zoom IQ assistant, which can provide meeting summaries and summarize chat threads. In May 2023, Zoom partnered with AI startup Anthropic, integrating its AI platform Claude into Zoom's productivity platform. The intention was to enhance Zoom's Contact Center by providing self-service features, understanding customer intent, and offering actionable insights for managers. 

Funding and financials

For FY2023, the company reported total revenue of USD 4,393.0 million, a 7% increase YoY . Enterprise revenue grew by 24% to USD 2,409.3 million, while online revenue declined by 8% to USD 1,983.6 million. Non-GAAP income from operations was USD 1,579.1 million, compared to USD 1,657.1 million last year, with a non-GAAP operating margin of 35.9%. Non-GAAP net income was USD 1,329.0 million.

For the full fiscal year 2024, the company projects total revenue to be between USD 4.435 billion and USD 4.455 billion. Non-GAAP income from operations is expected to range from USD 1.606 billion to USD 1.626 billion. The full fiscal year non-GAAP diluted EPS is anticipated to be between USD 4.11 and USD 4.18, based on approximately 309 million non-GAAP weighted average shares outstanding.