The Strategist

Zoom market cap jumps over $50B for the first time

06/01/2020 - 08:15

The market capitalization of Zoom, the video conferencing service, exceeded $ 50 billion for the first time during Friday trades, according to the exchange.

Zoom market cap jumps over $50B for the first time
As a result of trading on May 29 at NASDAQ, the company's share price rose 9.74% to $ 179.48. At this price, its market value was $ 50.61 billion.

According to Bloomberg, this year the company's capitalization has grown by more than $ 30 billion. Many investors, according to the agency, expect that an increase in the use of the service in the context of the COVID-19 coronavirus pandemic will result in a long-term increase in company income. The service is rapidly gaining popularity, as it allows people to work or study from home in a video conference format during the pandemic, as well as communicate with loved ones.

Zoom Video Communications, producing the eponymous video communication service, was founded in 2011. The daily application audience in the world increased by 20 times in March 2020 compared to December 2019 - up to 200 million people.