Zoom is now more ‘valuable’ than eBay and Baidu

Zoom is now more ‘valuable’ than eBay and Baidu

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NEW DELHI: Let me make one thing more clear that before 2020 many of us had not heard of the video conferencing tool called Zoom. Yes, it was popular but not so much that it became a household name. And yes, the CEO was also a billionaire last year but the company’s fortunes have changed dramatically. We are half over by the year 2020 and none of us had any expectation of what this year would be like. Zoom has now zoomed its way into people’s lives on a daily basis and in the process, has increased its market cap manifold.
According to a report by The Next Web, Zoom started 2020 with a market cap of $ 18.99 billion, which has more than tripled to $ 61 billion. This means that the company’s market value has now become larger than companies such as eBay, Baidu, Electronic Arts and Activision Blizzard, the report claims.
The company last week announced first quarter financial results for fiscal year 2021 and figures show the company’s growth has been rapid. The company’s total revenue for the quarter was $ 328.2 million, an increase of 169% from $ 122 million a year earlier.
The company’s founder and CEO, Eric Yuan, announced the results, stating that the “quick adoption” of the platform in people’s lives in these unprecedented times has been driven by Kovid-19. “We were humbled by the rapid adoption of the Zoom platform worldwide in Q1. The COVID-19 crisis has driven high demand for distributed, face-to-face interaction and collaboration using Zoom. Use cases have grown rapidly as people integrate Zoom into their work, learning and personal lives, ”he said.
Despite having a wide share of security and privacy issues, the platform is still one of those popular options, not only working remotely, but also for personal use.
In its quarterly substantive report, Zoom said there were 769 customers, paying more than $ 100,000 in 12-month revenue, a 90% year-over-year increase.

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