Zoom Video (NASDAQ: ZM) CEO Eric Yuan: “Video is the New Voice” Q2 2021 Earnings Call Highlights

 

 

 

Zoom Video Communications, Inc. (NASDAQ: ZM) Q2 2021 Earnings Conference Call Highlights Summary

 

 

 

CEO Eric Yuan

“…As remote work trends have accelerated during the pandemic, organizations have moved beyond addressing immediate business continuity needs to actively redefine and embracing new approaches to support a future of working anywhere, learning anywhere, and connecting anywhere. And we continued to see meaningful adoption of Zoom’s video-first unified communication platform across industries and geographies. So, let me share with you just a few key metrics that reflect this. Revenue grew 355% year over year in Q2.

Customers with more than 10 employees grew 458% year over year as new customers chose Zoom to be their preferred communication and collaboration solutions. And we had over 35,000 educators, school administrators, and IT professionals from around the world join our free virtual Zoom Summer Academy. The successful two-day Zoom event was our biggest educational event to date, bringing together thought leadership in remote learning, practical training, and networking opportunities. And we remain committed to helping our education customers, including the more than 100,000 K-12 schools who have signed up to use the platform for free during the pandemic.

Moving onto a few recent business highlights. We completed our 90-day plan on security and privacy. A comprehensive summary of accomplishment is available on our website. I’m very proud of our team’s swift and transparent response as well as the resulting improvements we made to our platform.

Although the 90-day initiative is over, security and privacy measures will remain an important part of Zoom’s strategy and DNA moving forward as we strive to maintain our customers’ and other stakeholders’ trust. We also made two exciting hardware announcement in the quarter, first is the launch of Zoom Hardware as a Service, which offers customers a variety of subscription opportunities for phone and meeting room hardware on from leading hardware manufacturers. This offering makes Zoom Phone and Zoom Rooms more acceptable by minimizing friction around hardware procurement. Second is Zoom for Home, our new innovative category of software experience and hardware device partnerships to support remote work use cases.

We launched this program with our partner DTEN in July, and this month, we announced its expansion to Amazon, Facebook, and Google devices. We also achieved significant accomplishments for Zoom Phone. In mid-June, Zoom Phone was authorized under the FedRAMP program, enabling federal agencies to consolidate their costly, legacy telephonic systems onto our unified modern cloud solutions. This month, we expanded the availability of Zoom Phone service to 25 additional countries and territories.

Zoom now provides local telephone service and the domestic calling in more than 40 countries and territories. On a final note, we welcome our new CISO, Jason Lee, former SVP of security operations at Salesforce, and our new general counsel, Jeff True, former EVP and general counsel at Palo Alto Networks. We are very excited to have them. Now let’s talk about some exciting wins in the quarter.

FULL TRANSCRIPT