Due to the coronavirus pandemic, the Zoom application, which is used to organize activities such as distance education, study and meetings, continues to earn billions of dollars to its owner.
Nearly a year after the coronavirus started spreading around the world, most of us still continue to work from home or study remotely. Zoom conference software, which is one of the applications used in this regard, continues to increase its popularity day by day and to increase the bank accounts of the company CEO.
Left giant companies behind
Zoom Video Communications, a relatively small company that is not supported by any of the market leaders such as Cisco, Facebook, Google, and Microsoft, is gaining popularity unexpectedly and rapidly. As the use of teleworking and distance learning continued to increase, so did the number of Zoom app users, with a 355% increase in revenues in the second quarter of fiscal year 2020. This meant almost a 90-fold increase in the rate of profit, well above analysts’ estimates.
In terms of the increase in share prices, Zoom is on par with the vaccine maker Moderna and Tesla’s Chinese rival Nio. Zoom’s market value exceeded $ 129 billion as of September 1, more than the value of tech giants like IBM and AMD. Zoom founder and CEO Eric Yuan was a billionaire before the epidemic. He previously worked on Webex video calling software, which Cisco bought in 2007. But now, his stakes in Zoom are worth about $ 17 billion and are among the 100 richest people on that planet.