The Zoom race doesn't stop, the real queen of revenues and of the stock exchange for this 2020. Started with the start of the Covid-19 pandemic, the rally of the company that distributes the famous app for video calls appears almost unstoppable, at least until the whole world returns to normality. The coronavirus emergency has in fact forced millions of people to remain closed at home, to work in smart working and to study remotely using videoconferencing platforms both for official meetings and lessons and to keep in touch with their loved ones. And since the first wave, users have had no doubts: Zoom is the best app to use for these purposes.
They have arrived to confirm the trend the data for the third quarter, closed with revenues quadrupling and profits on the rise. In detail, in the three months ended October 31, Zoom recorded revenues equal to 777,2 million dollars, up 367% on an annual basis. An even better result than the previous quarter, when turnover reached 663,5 million, up 355% year on year.
Profits also grew, rising to $192,2 million from $186 million in the second quarter of 2020, while cash flow was $1,9 billion.
As for the last three months of 2020, estimates are still on the rise. In detail, the company expects revenues between 806 and 811 million dollars and profits between 243 and 248 million.
The financial growth of the company is also reflected on the performance on the Stock Exchange, where the stock is now worth $478 per share, while the capitalization exceeded 136 billion dollars. At the time of the IPO, which took place in April 2019, the valuation of the company was equal to 9 billion dollars. Wanting to make a quick percentage calculation, since the day of listing the shares have gained over 1.200%, while since the beginning of the year the increase is over 580%.
