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Zoom earnings skyrocket, stock prices hit record highs

Technology

Zoom earnings skyrocket, stock prices hit record highs

The company’s income in May-July increased by 355%.

 

Zoom’s revenues and profits saw a record increase during the quarantine due to the novel coronavirus pandemic. The value of the company also grew at a record, so, at the close of trading on August 31, one share of the company was worth $ 325.1, BBC reports.

It is noted that revenues for May-July of this year increased by 355% – to 663.5 million dollars. This figure exceeded analysts’ forecasts by half a billion. Zoom’s net profit rose to 186 million and users grew 458% year-over-year.

The key to the company’s success was the connection of large solvent corporate clients. They brought in over $ 100 million to Zoom last year. This year the number of such clients has doubled.

At the same time, the growth in the number of customers has put the company’s infrastructure on the brink of endurance. Distance learning in schools resumed in the United States last week, and Zoom’s connection began to experience problems.

The service’s reputation has also been damaged by hacker attacks during video conferences. Zoom also has problems with its ties to China, where the company employs over 700 workers.

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Previously, cybersecurity experts from Cyble bought Zoom accounts on the darknet from a Russian- speaking user Telegram. Some of the accounts were owned by Cyble customers, so the company was able to verify its authenticity.

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