Growth rates in mid-2021 through now couldn't maintain such outsized levels and fell below historic averages as well.Ī lot of long-term growth got pulled forward as use of Zoom's software to communicate became ubiquitous and nearly every business that survived the pandemic now had an online presence to drive sales. Of course, that early outsized growth meant tough comparisons when reporting the next year's results. Zoom reported multiple quarters of 300% or greater year-over-year revenue growth, while Shopify sustained greater than 100% growth for nearly a year. ZM Revenue (Quarterly YoY Growth) data by YCharts Both companies saw a rush of customers adopting their products and that led to massive revenue growth. When the pandemic hit, it quickly became clear that plans change and what was likely to occur gradually instead needed to occur quickly. They just figured it would take some time for the plans to catch hold. Shopify envisioned that every business would need an online presence, and Zoom Video believed it would connect families, friends, and businesses through video calls. ![]() Before the pandemic, Shopify and Zoom had huge plans laid out for investors to review.
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