As the Coronavirus pandemic has forced the global population to stay indoors, most of the working-class individuals are heavily using video conferencing apps like Skype, Google Meet, and Zoom to work from home. Amongst the aforementioned apps, Zoom has seen the highest rise in usage, despite its involvement in controversies. Now, according to recent reports, Zoom has surpassed major companies like AMD and Unilever in terms of valuation.
While there are many other video-conferencing apps out there, people seem to love using Zoom. Probably because of the features it offers and the fact that it is completely free to use. Whatever it is, the company is currently at the top of its game as its market value touched a whopping $67.43 billion.
This market value is higher than many other big players in several sectors. With this valuation, Zoom successfully surpassed companies like AMD (valued at $64 billion), Unilever ($66.4 billion), and Colgate-Palmolive ($62.4 billion). So, if Zoom continues to grow at this pace, it will soon surpass major players like Goldman Sachs and mining giant, Rio Tinto.
Along with the rise in valuation, the California-based company also saw a massive increase in the price of its stocks. According to the report, Zoom’s stock is currently priced at 250% higher than what it was at the beginning of this year. The price rose from $68.72 per stock to a whopping $239.02 per stock. You can check out a chart below that shows the rise in stock prices of Tesla, whose price rose by 130%, and Zoom.
Well, this clearly shows that Zoom is having a time of their life as more and more people turn to Zoom amidst the ongoing crisis. Until the pandemic started, many of us did not even know that Zoom existed. Most of us were familiar with Skype. However, the pandemic surely helped Zoom become one of the biggest players in the video-conferencing scene.