Zoom Stock Skyrockets Over 40% After Blowout Quarter, And It Expects To Keep Rising
- Date: 01-Sep-2020
- Source: Forbes
- Sector:Financial Markets
- Country:Oman
Zoom Stock Skyrockets Over 40% After Blowout Quarter, And It Expects To Keep Rising
TOPLINE
As millions of people continue to rely on video-conferencing amid the coronavirus pandemic, Zoom is benefiting“”shares of the e-video company surged by over 40% on Tuesday morning, a day after it reported blowout second quarter earnings that easily topped analyst estimates.
Zoom is one of the best-performing stocks of 2020.
Kena Betancur/Getty Images
KEY FACTS
The tech company posted revenue of $663.5 million last quarter, compared to the $500.5 million forecast by analysts, and profits of 92 cents per share (versus 45 cents per share expected).
Revenue more than quadrupled from last year, growing 355% on an annualized basis.
Zoom added more than 370,000 new