The way I see it
QoQ QoQ QoQ QoQ
FY20 Q1 Q2 Q3 Q4
122 120% 145.8 114% 166.6 113% 188.3 174%
YoY 269% 455% 467% 469%
FY21 Q1 Q2 Q3 Q4
328.2 202% 663.5 117% 777.2 114% 882.5 110%
YoY 297%
FY22 Q1
975
The QoQ pre-COVID19 was around 13%-20%, and then bounced to remarkable 74% and 102% for two quarters due to COVID19.
It then slowed down to 17% of Q3-21 followed by 14% of this Q4-21.
Assuming their guidance is sandbagged again, 905M+70M=975M. That gives QoQ of next quarter at 10%!
Don’t get me wrong. Zoom is a superb company with great performance, especially the astonishing RPO. I just think that it starts to approach the plateau of the sigmoid curve, and can’t see they keep growing over 50% a year from hereafter. I might very likely be wrong given their Zoom phone business, but can always come back when they prove themselves once again. For now I am happy with their 10% jump after-market and prepare to sell out my remaining 3% position.