By Kate Clark
The company joins a growing list of tech unicorns making the leap to the public markets in 2019, but it stands out for one very important reason: It’s actually profitable.
Zoom was founded in 2011 by Eric Yuan, a co-founder of WebEx, which sold to Oracle for $3.2 billion in 2007. Before launching Zoom, he spent four years at Cisco as its vice president of engineering. In a conversation with TechCrunch last month, he said he would never sell another company again, hinting at his dissatisfaction at WebEx’s post-acquisition treatment being his motivation for taking Zoom public as opposed to selling.
Zoom, which raised a total of $145 million to date, posted $330 million in revenue in the year ending January 31, 2019, a remarkable 2x increase year-over-year, with a gross profit of $269.5 million. The company similarly more than doubled revenues from 2017 to 2018, wrapping fiscal year 2017 with $60.8 million in revenue and 2018 with $151.5 million.
The company’s losses are shrinking, from $14 million in 2017, $8.2 …read more
Source:: Tech Crunch Funding and Exits