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E-Business

Zoom Posts First Billion Dollar Revenue in a Single Quarter

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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.


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E-Business

INEC Sets Up AI Division to Strengthen Electoral System

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Independent National Electoral Commission (INEC) has announced the establishment of an Artificial Intelligence (AI) Division within its ICT Department.

INEC Sets Up AI Division to Strengthen Electoral System

This marks a significant stride toward enhancing electoral integrity, efficiency, and innovation in Nigeria’s democratic process.

This decision was reached at the Commission’s regular weekly meeting held in Abuja, following a series of consultations and engagements on the global and continental impact of AI on elections.

In a statement issued by Sam Olumekun, national commissioner and chairman of the Information and Voter Education Committee, INEC underscored that the growing relevance of AI in electoral matters necessitated a proactive institutional framework to manage both the risks and opportunities it presents.

“Our interactions with electoral bodies across Africa highlighted both the risks of AI—such as fake news and content manipulation—and the vast potential it holds for data-driven decision-making, risk mitigation, automated voter services, and geo-spatial intelligence for logistics,” Olumekun noted.

According to him, the newly created division will centralise the Commission’s AI efforts, ensuring a harmonized approach to deploying intelligent systems that enhance decision-making, improve voter engagement, and boost the credibility of the electoral process.

“The creation of this division puts the Commission at the forefront of institutionalizing AI capabilities in electoral management.

It is also part of our ongoing reforms in areas where administrative action is sufficient to drive change,” he said.

He added that the AI Division will help INEC better coordinate its existing technological investments while providing safeguards against the misuse of AI technologies.

“We are positioning ourselves to maximise the positive impact of AI while mitigating its negative implications. This step strengthens the credibility and transparency of elections in Nigeria,” Olumekun concluded.

The initiative, INEC emphasised, reflects its commitment to embracing innovation in safeguarding democracy and improving electoral services nationwide.

 

 

 

 


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CAC, NIBSS Unveil Platform for Data Access to Private Firms

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Corporate Affairs Commission (CAC) in partnership with the Nigeria Inter-Bank Settlement System (NIBSS) has unveiled a new Application Programming Interface (API) integration system to allow private firms access company data from the Commission’s database.

CAC, NIBSS Unveil Platform for Data Access to Private Firms

Hussaini Ishaq Magaji (SAN), registrar general of CAC, who spoke  in Abuja at the unveiling said the system would give selected private organizations access to CAC services through technology-based companies, called “super agents.”

“This is a practical step to show that the Commission is committed to meeting the expectations of our customers,” he said.

Magaji explained that the integration allows the agents to retrieve data from the CAC database for use in specific client requests, outside the standard services provided by the Commission.

“Before now, only a few government agencies had this integration, especially those involved in investigations, anti-money laundering, and terrorism financing. Now, private companies that meet the criteria can also access it,” he said.

He said the system complies with the Nigerian Data Protection Act 2023, and information such as residential addresses, phone numbers, and dates of birth may be restricted.

“This is a call to law firms and companies with the right technology. We’ve started with NIPS because of their credibility. Embassies and banks can now authenticate company records directly through them.”

“There are prescribed fees. We already collect them on our portal, and now customers can also pay through these agents,” he explained.

He named NIPS, MoneyPoint, and OPE as some of the companies involved.

“OPE and MoneyPoint handle only registrations. But NIPS has moved further into validation and verification,” he said.

Ngover Ihyembe-Nwankwo, executive director at NIBSS, who represented Premier Oiwoh, managing director, said the service allows secure and efficient data verification.

“This is the result of years of effort to connect our systems with CAC. It will help users verify data within the limits of data protection laws,” she said.

She said the move is a way to lower costs and promote interoperability across the financial sector.

 

 


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FG Launches Online Citizenship, Business Management Platform

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Ministry of Interior has announced the launch of a new Online Citizenship and Business Management Platform in line with the Renewed Hope Agenda of President Bola Tinubu.

FG Launches Online Citizenship, Business Management Platform

A statement signed by Dr Magdalene Ajani, permanent secretary, Ministry of Interior’s said the initiative forms a key part of its ongoing reforms aimed at promoting transparency, enhancing operational efficiency, and significantly improving service delivery to the public.

The new digital platform is designed to streamline the application and processing of citizenship and business-related services, ensuring faster turnaround times and improved user experience.

The platform allows users to apply for and manage business permits, ensuring that both local and foreign businesses operate legally in Nigeria.

It includes an Expatriate Quota System to manage work permits for foreign employees, helping companies hire skilled workers while complying with Nigeria’s immigration laws.

The Citizenship Administration and Management System provides a streamlined online process for applying, tracking, and managing Nigerian citizenship applications and related services.

Members of the public, corporate entities, and other stakeholders are expected to access the platform through the ministry’s website: https://interior.gov.ng , Direct Portal Access: https://candb.interior.gov.ng , or contact candb-support@interior.gov.ng for support and inquiries.

“The Ministry of Interior remains committed to establishing a more efficient, transparent, and secure framework for citizenship administration, while continuously enhancing service delivery through digital transformation,” the statement read in part.

 

 

 

 

 

 


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