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Thursday, September 3, 2020

Zoom Adds $37 Million In Market Cap, Stock Surges 41%

The pandemic may have hurt a lot of businesses but for some, the pandemic is a come up. After shares soared 41% on Tuesday, the software company's market cap jumped to $129 Billion after beating the expectations and estimates.

Zoom went public in April 2019 worth $16 billion after the initial day of trading but this rally added a $37 billion market value to Zoom. Zoom is looking to be the biggest beneficiary of the pandemic. As we have for the past few years, most employers have turned to the software giant to stay connected with employees and to have conferences.

In this period, revenue surged 355% to $663.5 million according to Refinitiv, topped the $500.5 million average estimate of analysts. Zoom more than tripled its profit for the last six quarters combined.

Zoom's guidance was raised for a full 2021 fiscal year. Implying a 282% growth in the middle of the range, revenue will be $2.37 billion to $2.39 billion. The average analyst estimate was $1.81 billion so this tops that.

Now, among the 20 most valuable U.S. tech companies, Zoom has a market cap higher than IBM.

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