From DW
As the world ground to halt and people stayed home, Zoom’s video conferencing service boomed. Second-quarter growth raised the company’s value above well-established global brands.
Shares for the company Zoom saw a huge increase in early trading on Tuesday morning, leading the video conferencing firm’s value to surpass that of long-running brands in the car manufacturing and aviation industries.
The company’s booming second quarter caused share prices to rise 33% to $432.45 (€362 euros), raising its market value to almost $122 billion.
Zoom became a mainstay of both business and private home use during the coronavirus pandemic making it a rare winner in the crisis.
Bigger than Starbucks
The company’s meteoric rise has pushed its value past well-established carmakers General Motors and Ford, as well as aviation giant Boeing and global coffee shop chain Starbucks.
Revenues quadrupled in comparison to the same time last year, reaching 663.5 million dollars (555 million euros), way past the Wall Street forecasts.
Read more: German students defy coronavirus to study abroad
Zoom projected a total revenue of $2.4 billion dollars ( for its fiscal year ending in January. This is up from the 1.8 billion dollars (1.5 billion euros) it forecast back in June, and takes into account the users that will not renew the monthly subscriptions they signed up for in the first quarter. Read more from DW
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