Zoom Stock Boom!

Zoom Stock Boom

Stocks of video communication app Zoom boomed as millions flocked to use its services amid the COVID-19 pandemic.

In yet another blowout quarter, the virtual meeting app reported a 355% year-on-year rise in its total revenue, which now stands at $663.5 million.

Zoom ended its second fiscal quarter with 370,200 customers, each with 10 or more employees. A total of 105,000 new customers were added between April and July 2020, up nearly 458% from the same quarter last fiscal year.

The Nasdaq-listed company’s stock surged by over 40% on Tuesday morning (September 1), a day after it released the quarterly results.

The boost lifted Zoom founder Eric Yuan’s net worth by $6.6 billion as the company shares surged in New York trade. The 50-year-old chief executive officer’s fortune is now $23 billion, as per Bloomberg’s billionaire index.

Comment


Disclaimer

Ad

GET A FREE STOCK REPORT


Top Penny Picks under 20 Cents to Fit Your Pocket! Get Exclusive Report on Penny Stocks For FREE Now.


   
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK