Zoom Video Communications reported that it made a $660m (£476m) pre-tax profit in 2020, up from $16m (£11.5m) in 2019, according to the non-profit Institute on Taxation and Economic Policy.
Zoom’s video conferencing platform was widely used by remote workers and school children across the US due to Covid social distancing and quarantine measures.
“The immediate shift to online activity explains the company’s unprecedented income growth. For many, Zoom has become a ubiquitous daily meeting space, both for work, class instruction, family gatherings and evening happy hours,” said an ITEP report.
