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Zoom once again quadrupled its revenue year over year

Zoom once again quadrupled its revenue year over year

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That’s a big jump

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Illustration by Alex Castro / The Verge

Zoom is doing pretty well. The company reported $777.2 million in revenue during its third quarter, well over 4x its revenue from the same quarter last year. That’s now two quarters in a row that Zoom’s revenue has quadrupled. Zoom expects to quadruple its revenue year over year once again in the fourth quarter.

The immense success should come as no surprise. Zoom became the go-to videoconferencing app at the start of the pandemic, and it’s managed to hold on to that spot even as other services — like Google Meet, Slack, and Microsoft Teams — have increasingly vied for attention.

Zoom doesn’t state how many users it has in total, but its metrics around paying customers continue to grow. The company now has 433,700 subscribers with more than 10 employees, up from 370,200 last quarter, and it grew the number of customers delivering more than $100,000 in revenue over the prior year to nearly 1,300, from around 1,000.

While Zoom expects to keep reporting huge numbers next quarter, there are signs its period of immense and rapid growth is over. The company is once again warning of higher-than-usual customer losses before the end of the year, and its revenue growth — while remarkably high — appears to have flattened. That said, the bigger test will come down the road, when Zoom may have to contend with a return to in-person work that could eat into its customers’ reliance on videoconferencing.

Today’s Storystream

Feed refreshed Two hours ago Midjourneys

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Emma RothTwo hours ago
Celsius’ CEO is out.

Alex Mashinsky, the head of the bankrupt crypto lending firm Celsius, announced his resignation today, but not after patting himself on the back for working “tirelessly to help the company.”

In Mashinsky’s eyes, I guess that means designing “Unbankrupt yourself” t-shirts on Cafepress and then selling them to a user base that just had their funds vaporized.

At least customers of the embattled Voyager Digital crypto firm are in slightly better shape, as the Sam Bankman-Fried-owned FTX just bought out the company’s assets.


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Mary Beth GriggsTwo hours ago
NASA’s SLS rocket is secure as Hurricane Ian barrels towards Florida.

The rocket — and the Orion spacecraft on top — are now back inside the massive Vehicle Assembly Building. Facing menacing forecasts, NASA decided to roll it away from the launchpad yesterday.


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Andrew J. Hawkins1:30 PM UTC
Harley-Davidson’s electric motorcycle brand is about to go public via SPAC

LiveWire has completed its merger with a blank-check company and will make its debut on the New York Stock Exchange today. Harley-Davison CEO Jochen Zeitz called it “a proud and exciting milestone for LiveWire towards its ambition to become the most desirable electric motorcycle brand in the world.” Hopefully it also manages to avoid the cash crunch of other EV SPACs, like Canoo, Arrival, Faraday Future, and Lordstown.


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The Verge
Andrew Webster1:06 PM UTC
“There’s an endless array of drama going on surrounding Twitch right now.”

That’s Ryan Morrison, CEO of Evolved Talent Agency, which represents some of the biggest streamers around. And he’s right — as you can read in this investigation from my colleague Ash Parrish, who looked into just what’s going on with Amazon’s livestreaming service.


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The Verge
Richard Lawler12:59 PM UTC
Green light.

NASA’s spacecraft crashed, and everyone is very happy about it.

Otherwise, Mitchell Clark is kicking off the day with a deeper look at Dish Network’s definitely-real 5G wireless service , and Walmart’s metaverse vision in Roblox is not looking good at all.


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Jess Weatherbed11:49 AM UTC
Won’t anyone think of the billionaires?

Forbes reports that rising inflation and falling stock prices have collectively cost members of the Forbes 400 US rich list $500 billion in 2022 with tech tycoons suffering the biggest losses.

Jeff Bezos (worth $151 billion) lost $50 billion, Google’s Larry Page and Sergey Brin (worth a collective $182b) lost almost $60b, Mark Zuckerberg (worth $57.7b) lost $76.8b, and Twitter co-founder Jack Dorsey (worth $4.5b) lost $10.4b. Former Microsoft CEO Steve Ballmer (worth $83b) lost $13.5b while his ex-boss Bill Gates (worth $106b) lost $28b, albeit $20b of that via charity donations.


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Thomas Ricker6:45 AM UTC
Check out this delightful DART Easter egg.

Just Google for “NASA DART.” You’re welcome.


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Richard Lawler12:00 AM UTC
A direct strike at 14,000 mph.

The Double Asteroid Redirection Test (DART) scored a hit on the asteroid Dimorphos, but as Mary Beth Griggs explains, the real science work is just beginning.

Now planetary scientists will wait to see how the impact changed the asteroid’s orbit, and to download pictures from DART’s LICIACube satellite which had a front-row seat to the crash.


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The Verge
We’re about an hour away from a space crash.

At 7:14PM ET, a NASA spacecraft is going to smash into an asteroid! Coverage of the collision — called the Double Asteroid Redirection Test — is now live.


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Emma RothSep 26
There’s a surprise in the sky tonight.

Jupiter will be about 367 million miles away from Earth this evening. While that may seem like a long way, it’s the closest it’s been to our home planet since 1963.

During this time, Jupiter will be visible to the naked eye (but binoculars can help). You can check where and when you can get a glimpse of the gas giant from this website.