Zoom unstoppable in the stock market after skyrocketing revenues up 355% in the second quarter
Zoom Video Communications shares remain unstoppable on the stock market: they closed yesterday's session on the NASDAQ with a rise of 8.63% to $325.10. Investors thus celebrated the company's results in the second quarter of 2020, which have amounted to 663.5 million dollars, 355% more than last year and well above analysts' forecasts.
The confinement orders that began in March by governments around the world as a result of the coronavirus pandemic gave Zoom wings in the second quarter.
Here's a breakdown of the growth Zoom has experienced this year.
- They quadrupled their institutional clients to 370,200, with just 10 employees
- Zoom Video went from having 10 million active users last year to more than 300 million in April.
- They started the year at $ 67.91 and are now trading at more than $325.
Zoom shares have been in a strong bull rally since early 2020. With this data, the video conferencing company, founded by former Cisco executive Eric Yuan, has revised its annual revenue forecast upwards.
Source: Admiral Markets MetaTrader 5. Zoom daily chart. Data range: From April 18, 2019 to September 1, 2020. Prepared on September 1, 2020, at 10.15 am. Keep in mind that past returns do not guarantee future returns.
Zoom debuted on the stock market in April 2019 at a price of $36 per share, doubling its value at the close of the first session. As we can see in the graph, the videoconferencing company ended the year at around $67. When the first containment measures began in Europe due to the coronavirus pandemic (pink rectangle), stocks began the upward escalation that continues today.
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