Technology
Zoom Generates $328.2m Revenue
By Adedapo Adesanya
Video conferencing platform, Zoom, generated $328.2 million in revenue for the quarter ended April 30 in its recently released financial statements.
The revenue generated by the company increased by a whopping 169 percent when compared with the revenue generated by the same period of the previous year.
Zoom also reported $0.20/per share in adjusted profit during the three-month period. Ahead of its earnings, shares were up by more than 3 times during the year, as investors were expecting big gains.
This is mainly because of the adoption of the Zoom platform around the globe as COVID-19 drove workers to stay home and work remotely.
The company, which is in its 2021 fiscal year, attributed a generally accepted accounting principle (GAAP) net income of about $27 million to common stockholders for the quarter. This is a 26.8 million increase from the GAAP net income of $0.2 million attributed in the first quarter of the 2020 fiscal year.
Income from incoming operations stood at $23.4 million for the quarter compared to the $1.6 million generated during the same quarter the previous year.
The non-GAAP net income was higher at $58.3 million after adjusting for stock-based compensation expense and related payroll taxes, expenses related to charitable donations.
Zoom’s cash generation was impressive during the quarter as the total cash, cash equivalents, and marketable securities as of April 30, 2020, was about $1.1 billion.
The net cash provided by operating activities was about $259 million. This is a 1,066 percent increase compared to $22.2 million recorded in the first quarter of the 2020 fiscal year.
Free cash flow racked up during the quarter was $251.7 million, compared to $15.3 million in the first quarter of the fiscal year 2020.
Following the increased adoption of remote work, Zoom customer base rose to approximately 265,400 customers. This was a significant 354 percent growth from the same quarter the previous year.
According to the report, the new customers and expanding across existing customers was the main driver of the increased revenue generated. 769 customers contributed more than $100,000 in revenue in the last 12 months.
Looking forward, Zoom expects higher revenue of between $495.0 million and $500.0 million in Q2. For non-GAAP income from operations, the company expects between $130.0 million and $135.0 million.
In the full fiscal year of 2021, Zoom is looking at revenues between $1.775 billion and $1.800 billion. Earnings per share (EPS) is expected to be between $1.21 and $1.29 with approximately 300 million non-GAAP weighted average shares outstanding.
However, the video company acknowledged the possibility of a decline in the second half of the fiscal year due to businesses no longer needing Zoom because workers are returning back to offices.
Speaking on the good performance, Mr Eric S. Yuan, Founder and Chief Executive Officer of Zoom said, “We were humbled by the accelerated adoption of the Zoom platform around the globe in Q1.
“The COVID-19 crisis has driven higher demand for distributed, face-to-face interactions and collaboration using Zoom. Use cases have grown rapidly as people integrated Zoom into their work, learning, and personal lives.”
“I am proud of our Zoom employees who dedicated themselves to support customers and the global community during this crisis.
“With their tremendous efforts, we were able to provide high-quality video services to new and existing customers,” he added.
By Modupe Gbadeyanka
The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Mr Aminu Maida, has reemphasised the need to protect the nation’s telecommunications infrastructure, especially fibre networks, noting that damage to fibre networks carries significant economic consequences.
Speaking virtually at the Association of Telecommunications Companies of Nigeria (ATCON) Critical Conversation Forum on Fibre-to-the-Home (FTTH) in Lagos recently, he described FTTH as a critical enabler of Nigeria’s digital future.
“FTTH is uniquely positioned to meet Nigerians' next phase of data demand. The quality of our broadband will increasingly shape the competitiveness of our businesses, the growth of our digital industry and the opportunities available to our citizens,” the NCC chief stated.
“We must uphold deployment standards. Nigeria needs fibre that is properly installed, properly documented, and properly protected,” Mr Maida further said at the event themed Fibre to the Home in Nigeria: Addressing Challenges, Strengthening Standards and Ensuring Sustainable Deployment.
During a panel discussion titled Policy, Governance and Regulatory Alignment, the Deputy Director of Strategic Business Initiatives at ipNX, Mr Segun Okuneye, highlighted the need for stronger collaboration across the telecommunications ecosystem to unlock the full potential of fibre broadband in Nigeria.
According to him, sustainable fibre deployment extends beyond technology and investment to include policy consistency, stakeholder alignment, infrastructure protection, and shared responsibility.
“Achieving universal fibre connectivity requires more than deploying infrastructure; it requires sustained collaboration between operators, regulators, government agencies and host communities.
“When policies are aligned, deployment standards are consistently enforced, and critical infrastructure is protected, we create an environment where investment thrives and more Nigerians can enjoy reliable, high-speed broadband.
“At ipNX, we remain committed to working with all stakeholders to build resilient digital infrastructure that will support Nigeria’s economic growth for generations to come.”
Earlier in his welcome address, ATCON President, Mr Tony Emoekpere, underscored the strategic importance of FTTH in achieving the country’s broadband penetration targets while calling for greater public awareness around protecting communications infrastructure.
“This forum is critical because Fibre-to-the-Home is the technology that will enable the country to achieve full broadband penetration. We all depend on communication infrastructure, and it must be protected,” he declared.
Drawing a comparison with power infrastructure in the country, he added, “If somebody comes to your neighbourhood to tamper with your transformer or power cables, everybody will come out. The same thing needs to apply for communications infrastructure. When we see people damaging fibre cables, we should raise an alarm.”
By Modupe Gbadeyanka
Thursday, July 23, 2026, provided an opportunity for financial services professionals to converge on Landmark Event Centre, Lagos, to brainstorm on ways to meet the rising customers’ expectations.
The platform used for this purpose was Core by Interswitch. It is part of the company’s broader commitment to strengthening Africa’s digital payments ecosystem by fostering collaboration, knowledge sharing and operational excellence across the financial services value chain.
At the event, participants, numbering over 400, also highlighted the growing importance of operational excellence in sustaining resilient payment infrastructure.
As digital financial services continue to expand across Africa, closer collaboration among financial institutions, fintechs and payment service providers will be essential to improving responsiveness, resolving operational challenges more effectively and delivering consistently reliable customer experiences.
The Executive Vice President for Operations and Technology at Interswitch, Mr Babafemi Ogungbamila, said the forum reflects the company’s belief that exceptional customer experiences are built not only on innovative technology but also on the expertise, collaboration and commitment of the professionals who keep payment systems running every day.
“Every successful digital transaction is powered by professionals whose work often goes unseen but is fundamental to building trust in digital payments. Core by Interswitch was created to recognise their contribution, strengthen collaboration across the industry and create opportunities for shared learning that ultimately benefit financial institutions and the customers they serve.
“As digital payments continue to evolve, investing in the people and processes that power the technology is just as important as investing in the technology itself,” Mr Ogungbamila said.
Beyond recognising the professionals whose work often goes unnoticed, the programme underscored the value of creating stronger connections across the payments ecosystem.
By creating a dedicated platform for knowledge sharing, collaboration and professional development, Core by Interswitch aims to build a more connected community of payments operations professionals equipped to respond to the evolving demands of the digital economy.
By Aduragbemi Omiyale
WhatsApp has been updated with a web calling feature, allowing users to now make and receive audio and video calls, both one-on-one and group, directly from WhatsApp Web.
A notice from the Meta-owned messaging platform disclosed that this feature works without the need to download any app.
It was disclosed that this update was made to WhatsApp to make it easier for users to make calls wherever they are and on whatever device, phone or laptop.
Users will have access to features available on their other devices, including screen sharing, reactions, and a dedicated Calls tab with full call history and favourites, all from their browsers.
WhatsApp noted that calls from this feature are end-to-end encrypted, with no time limits and at no cost, as it is the same private experience they expect from the platform.
WhatsApp has also been embedded with easy call transfer, enabling the movement of an active group call from one device to another without hanging up. Users can seamlessly transfer calls to WhatsApp Web or Desktop when they arrive home to collaborate on a larger screen – or vice versa.
The platform further said it now has QuickHD, which allows for an improved video experience at the beginning of a call. With QuickHD, users can now enjoy high-definition video immediately in the very first few seconds of the call.
In addition, it has launched noise suppression to remove the background noise around callers so their voices come through clearly to the person on the other end, even in loud or busy environments. This can be managed at any time in in-call settings.
WhatsApp said these features are rolling out gradually and will be available to everyone soon, expressing its desire to make WhatsApp calling simpler to use.
