The videoconferencing company's stock has been on a tear, rising nearly sixfold since the start of the year to all-time highs.
Zoom released an impressive set of earnings for its second quarter, reaffirming that it's still on a stunning growth path. Revenue jumped more than threefold year over year to $663.5 million, while net income catapulted from $5 million to $185 million. More businesses are shifting their operations to include telecommuting as part of the new normal, and Zoom is a direct beneficiary.
The company is also building a robust customer base that can contribute recurring revenue. The number of large customers (those contributing more than $100,000 in trailing-12-month revenue) was up 112% year over year. Zoom also saw a more than fourfold growth in smaller businesses to over 370,000 during the quarter.
The company continues to build through partnerships. A recent collaboration with Lumen Technologies (NYSE:LUMN) will see Zoom's communications platform being pushed out to all Lumen customers around the world. Oracle (NYSE:ORCL) is also working with Zoom to integrate video into its workflow to enhance interactions with its customers. There may be more such partnerships in the coming months as Zoom remains a top choice for videoconferencing solutions.
Zoomtopia, on Oct. 14 and 15, is the company's annual user conference, where it will showcase the latest technologies for business communications.