Zoom Communications Inc - ZM STOCK NEWS

Zoom Video Communications (NASDAQ: ZM) is expanding in India with a new technology center in Bangalore, aimed at hiring key talent over the next few years. This move follows a striking 6700% growth in free user sign-ups in India from January to April 2020. The Bangalore center will enhance Zoom's R&D capabilities and further support its engineering leadership. Eric S. Yuan, CEO, emphasized India's strategic importance and the company’s commitment to offer services to over 2,300 educational institutions during the pandemic.

Zoom Video Communications (NASDAQ: ZM) has partnered with Formula 1 to launch the Virtual Paddock Club Experience, enhancing fan engagement during the 2020 racing season. This innovative approach aims to offer hospitality experiences amidst pandemic restrictions, allowing guests to connect remotely. Over 300 million daily meeting participants used Zoom's platform in April 2020, marking a record for the company. Formula 1 plans to expand this virtual hospitality model for its global partners and teams, providing unique opportunities despite ongoing challenges in live sports.

Zoom Video Communications (NASDAQ: ZM) introduced Zoom for Home, a new software and hardware category aimed at enhancing remote work experiences. This initiative responds to a growing demand for flexible work arrangements, as 81% of respondents in an IBM study prefer to work remotely at least part-time. The Zoom for Home - DTEN ME device features a 27-inch screen, three cameras, and an 8-microphone array, designed for seamless integration with Zoom services. Priced at $599, it's available for pre-order, with shipments expected in August 2020.

On June 30, 2020, Zoom Video Communications (NASDAQ: ZM) announced a five-year strategic partnership with Claflin University, involving a $1.2 million investment focused on educational initiatives. Key components include paid internships, merit-based scholarships, and collaborative curricula development. Zoom COO, Aparna Bawa, will join Claflin's Board of Trustees, aiming to enhance technology access and career development for students. Commentators highlighted the partnership as a model for corporate engagement with minority-serving institutions, emphasizing mutual benefits for students and the company.

Zoom Video Communications, Inc. (NASDAQ: ZM) announced the appointment of Jason Lee as Chief Information Security Officer, effective June 29, 2020. Lee, with over 20 years of experience in information security, previously served at Salesforce and Microsoft. He will lead Zoom's security efforts as the company nears the end of its 90-day security and privacy plan, implemented amid significant growth, with 300 million daily meeting participants. This strategic hire aims to enhance user trust and security as Zoom prioritizes secure, frictionless user experiences.

Zoom Video Communications (NASDAQ: ZM) announced the integration of Zoom Phone into its Zoom for Government platform, authorized under FedRAMP. This addition allows federal agencies to consolidate outdated telephony systems into a modern cloud solution. The authorization streamlines the process for government agencies to issue their agency-specific Authorizations to Operate (ATO) based on the existing FedRAMP framework. Matt Mandrgoc, Head of U.S. Federal for Zoom, emphasized the importance of providing secure communication tools for government agencies during times of crisis.

Zoom Video Communications (NASDAQ: ZM) has partnered with the American Heart Association (AHA) to promote mental health and well-being among employees as work-life boundaries blur. Funded by a $500,000 grant from the Zoom Cares Foundation, the initiative includes a monthly webinar series starting July 16, 2020, aimed at providing mental wellness strategies. The programs emphasize the importance of disconnecting from work to prevent burnout and support heart health, reinforcing Zoom's commitment to fostering a healthier workplace culture.

Zoom Video Communications reported a remarkable first quarter revenue of $328.2 million, a 169% year-over-year increase. The company saw a 354% growth in customers with over 10 employees, totaling approximately 265,400 customers, and a 90% rise in customers contributing more than $100,000 in revenue. GAAP net income reached $27.0 million ($0.09 per share), up from $0.2 million in the previous year. Looking ahead, Zoom projects Q2 revenue between $495 million and $500 million and full-year revenue of $1.775 billion to $1.800 billion.

Zoom Video Communications (NASDAQ: ZM) announces the appointment of Velchamy Sankarlingam as the President of Engineering and Product, effective June 12. Sankarlingam joins Zoom from VMware, where he served for over nine years. He will report directly to CEO Eric S. Yuan and will oversee engineering, product, and dev ops teams. To support growth, Zoom plans to expand its engineering team by adding up to 500 new roles in Phoenix, Arizona, and Pittsburgh, Pennsylvania. This strategic move aims to enhance collaboration technology and support Zoom's expanding global customer base.