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.