E-Business
Zoom Posts First Billion Dollar Revenue in a Single Quarter

For the first time, Zoom Video Communications posted over $1 billion revenue in a single quarter. The video communications company has announced financial results for the second fiscal quarter ended 31 July.
Zoom has seen phenomenal growth since the outbreak of the COVID-19 pandemic, which resulted in more and more people working or learning remotely.
The company competes against Microsoft Teams, Cisco Webex and Google Meet, among others.
In a move aimed at competing with Zoom and others, Apple recently updated its FaceTime video-calling service for iOS 15, to make the app compatible with Android and PC Windows devices.
“In Q2, we achieved our first billion dollar revenue quarter while delivering strong profitability and cash flow,” says Zoom founder and CEO Eric S Yuan.
“Q2 also marked several milestones on our expansion beyond the UC [unified communications] platform. We launched Zoom Apps, bringing over 50 apps directly into the Zoom experience, and Zoom Events, an all-in-one digital events service.”
Zoom’s total revenue for the second quarter was $1.021 billion, up 54% year-over-year.
The company’s blow-out second quarter comes after it entered into a definitive agreement to acquire Five9, a provider of intelligent cloud contact centre solutions, in an all-stock transaction valued at approximately $14.7 billion.
It said the Five9 acquisition is expected to help enhance Zoom’s presence with enterprise customers and allow it to accelerate its long-term growth opportunity by adding the $24 billion contact centre market.
Generally accepted accounting principles (GAAP) income from operations for the second quarter was $294.6 million, up from $188.1 million in the second quarter of fiscal year 2021.
Zoom says after adjusting for stock-based compensation expense and related payroll taxes, acquisition-related expenses, and expenses related to charitable donation of common stock, non-GAAP income from operations for the second quarter was $424.7 million, up from $277 million in the second quarter of fiscal year 2021.
For the second quarter, GAAP operating margin was 28.8% and non-GAAP operating margin was 41.6%.
GAAP net income attributable to common stockholders for the second quarter was $316.9 million, or $1.04 per share, up from $185.7 million, or $0.63 per share in the second quarter of fiscal year 2021.
Non-GAAP net income was $415.1 million, after adjusting for stock-based compensation expense and related payroll taxes, acquisition-related expenses, gains on strategic investments, undistributed earnings attributable to participating securities, and expenses related to charitable donation of common stock.
According to Zoom, non-GAAP net income per share was $1.36. In the second quarter of fiscal year 2021, non-GAAP net income was $274.8 million, or $0.92 per share.
The company’s total cash, cash equivalents and marketable securities, excluding restricted cash, as of 31 July, was $5.1 billion.
Net cash provided by operating activities was $468 million for the second quarter, compared to $401.3 million in the second quarter of fiscal year 2021. Free cash flow, which is net cash provided by operating activities less purchases of property and equipment, was $455 million, compared to $373.4 million in the second quarter of the previous year.
Zoom explains that the drivers of total revenue included acquiring new customers and expanding across existing customers.
At the end of the second quarter of fiscal year 2022, Zoom had 2 278 customers contributing more than $100 000 in trailing 12-month revenue, up approximately 131% from the same quarter in the last fiscal year.
The company had approximately 504 900 customers with more than 10 employees, up approximately 36% from the same quarter last fiscal year.
Zoom says for the third quarter fiscal year 2022, total revenue is expected to be between $1.015 billion and $1.020 billion, and non-GAAP income from operations is expected to be between $340 million and $345 million.
E-Business
Galaxy Backbone, Rural Electrification Agency Commit to Deepening Digital and Energy Access Across Nigeria

In a major step towards deepening Nigeria’s digital and energy infrastructure, Galaxy Backbone Limited (GBB) and the Rural Electrification Agency (REA) have signed a strategic Memorandum of Understanding (MoU) at a brief but impactful ceremony held in Abuja.
The MoU signals a collaborative effort between both agencies to enhance Nigeria’s digital transformation agenda by integrating reliable energy solutions with cutting-edge ICT infrastructure, especially in higher institutions, Government institutions, underserved and rural communities across the country.
Speaking at the event, the Managing Director/CEO of Galaxy Backbone, Professor Ibrahim A. Adeyanju, described the partnership as “a landmark moment in Nigeria’s journey towards a digitally empowered, sustainably powered, and inclusively connected nation.”
“This partnership exemplifies what is possible when two visionary government institutions come together, united by shared goals and driven by the desire to improve the lives of Nigerians everywhere,” he said.
Professor Adeyanju emphasized that while Galaxy Backbone’s core mandate is to provide secure digital infrastructure that powers government operations, reliable and sustainable energy particularly in rural areas is essential to fully actualize digital transformation.
Major highlights of the MoU include:
- Solar electrification of some of GBB’s Metro Fibre sites in Abuja by the REA.
- Powering Hostels of Higher Institutions across the country through the Fibre to Hostel Project being driven by the Federal Ministry of Communications Innovation and Digital Economy (FMCIDE).
- Support for the rollout of the 774 Local Government Digitization Initiative, beginning with six pilot Local Government Areas.
- Provision of LANs, access points, cloud services, colocation infrastructure, and temporary connectivity to enhance REA’s operational facilities nationwide.
The Managing Director of the Rural Electrification Agency Mr Abba Aliyu, in his remarks, expressed optimism that this collaboration will further bridge the digital and energy divide across Nigeria. He noted that by combining REA’s achievements in expanding energy access with GBB’s robust ICT backbone, both agencies are poised to create lasting impact across governance, education, healthcare, and entrepreneurship.
This partnership is also in direct alignment with the Renewed Hope Digital Transformation Agenda of President Bola Ahmed Tinubu, GCFR, which envisions an inclusive digital economy powered by innovation and sustainable energy.
The ceremony was attended by top management from both organizations as well as members of the media.
With today’s signing, Galaxy Backbone and the Rural Electrification Agency have set the tone for stronger, smarter, and more inclusive public service delivery powered by strategic inter-agency collaboration.
E-Business
NIMC Says NIN Services Back Online

National Identity Management Commission (NIMC) has announced the restoration of its National Identification Number (NIN) verification services nationwide.
This, according to the commission, follows the completion of a system maintenance exercise.
In a statement issued on Friday, the NIMC confirmed that all previously disrupted services have resumed.
“NIMC wishes to inform the general public that the recent technical maintenance has been completed and all services have been restored,” the statement read.
The NIMC urged Nigerians seeking to enroll for NIN to visit the its official website to locate the nearest enrollment centers.
The agency also encouraged individuals to make use of its self-service portal for tasks such as data modification, including name changes.
To further ease the verification process, the Commission recommended downloading the NIMC NameAuth app (oath.app) from the Google Play Store or Apple App Store for quick and secure NIN authentication.
NIMC expressed appreciation for the public’s patience during the service disruption, which had impacted banks, telecom providers, and government agencies that rely on NIN verification for their operations.
E-Business
Report Reveals African Organizations Dangerously Overestimating Cyber defences

Many businesses are overestimating their defence against cyber attacks, which creates a significant human risk blind spot. A new KnowBe4 report exposes a worrying disconnect between what leaders think about their cyber security readiness and what employees experience.
According to the KnowBe4 Africa Human Risk Management Report 2025, based on insights from cyber security decision-makers across 30 African countries, despite high awareness, a critical gap exists in turning that awareness into actual readiness and resilient behaviour.
Key findings from the KnowBe4 Africa Human Risk Management Report 2025:
Confidence vs awareness: While cyber security awareness is high, leaders express uncertainty about their workforce’s ability to act on that awareness. Many feel employees may overestimate their capabilities in recognising, reporting and mitigating threats.
The need for adaptive and personalised security awareness training: Many companies fail to personalise security awareness training to specific roles or risk exposures.
Widespread BYOD usage: A large percentage of employees (between 41% and 80%) use their personal devices for work.
AI policy development is lagging: Many companies (46%) are still in the process of developing policies for using AI tools in the workplace.
Regional variation: Southern Africa trains more, East Africa governs AI better and West/Central Africa sees the most human-related security incidents.
This gap is significant because Africa has become an attractive target to cyber criminals, especially those that launch AI-powered attacks. A LexisNexis Risk Solutions study found 60% of South African organisations have seen an increase in AI-facilitated financial crime – above the 56% global average.
Kehinde Popoola, regional manager and key representative for West and East Africa at Rubrik, said digital transformation is gaining momentum in Africa and companies are more exposed to cyber risk. The Rubrik executive adds that amid an increase in threats, it is crucial that organisations adopt an assumed breach mindset.
The KnowBe4 research shows that cyber security preparedness and the actual structures required to support secure behaviour seem misaligned.
The report highlights that just 10% of cyber security leaders are fully confident that staff would report a phishing attack or other cyber threat, despite rating employee security awareness of cyber threats at four out of five or higher.
There is also a significant perception gap between decision-makers and general employees in Africa regarding security awareness training, with 68% of leaders believing that training is tailored to roles, compared to only a third of employees feeling adequately trained.
KnowBe4 asserts that many organisations only conduct annual or biannual training that is too generic to effectively change behaviour, contributing to uncertainty about its effectiveness.
According to another report, the KnowBe4 African Cybersecurity and Awareness Report 2025, which focuses on end-user based responses, only 43% of African respondents felt confident in their ability to recognise a cyber threat, and just one in three believed their security awareness training was adequately tailored to their role. This comparison suggests the development of a dangerous perception gap in many organisations.
“There’s a disconnect here – between what leaders think is happening and what employees are actually experiencing,” says Anna Collard, SVP content strategy and evangelist at KnowBe4 Africa. “The data shows that without procedural and cultural follow-through, awareness simply doesn’t translate into readiness.”
“The continent’s cyber security posture may be more confident than it is truly resilient,” Collard adds.
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