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Zoom Video Communications is one of the winners in coronavirus time. On Monday, ZM stock skyrocketed by 22.22% to reach $159.56.
Because of the spread of COVID-19, the number of protection measures is increasing. Many employers who aim to protect themselves and their workers pass into the remote working. Under the given conditions, investors are looking for stocks that will bring profit as a result of the increasing number of people working from home. And this works in favor of Zoom Video Communications Inc (NASDAQ: ZM). Zoom Video stock is showing record performance, making the provider of remote conferencing services one of the winners in the coronavirus market.
On Monday morning, Zoom Video (ZM) stock rose by over 19%. By the end of the trading session, it skyrocketed by 22.22% to close at $159.56. After hours, it was trading at $158.90. Notably, Zoom Video stock was trading almost twice its daily average volume, which made Monday’s gain the biggest one-day percentage increase since June 2019. Over the last six days, Zoom Video stock has jumped by 40%.
Today, in the pre-market, Zoom Video (ZM) stock is also in the green. It has reached teh level of $167, having added 4.66%.
The triumph of teleconferencing company began in January, alongside with coronavirus starting to spread. Since then, the Zoom Video stock has gained 101%, its price more than doubled. In comparison, on January 31, Zoom Video shares were trading at $76.30.
Founded in 2011, Zoom Video Communications filed to go public on the Nasdaq in March 2019. Since then, it has surged nearly 263% from its $36 initial offering price. By the end of its IPO, the company’s valuation was at just under $16 billion. As of March 23, 2020, Zoom Video Communications’ market value made up as much as $36.08 billion.
Zoom Video to Help Keep Pace in Hard Coronavirus Time
More and more people start working from home instead of daily commuting to and from office. Therefore, Zoom Video Communications sees an increased demand for its services. As the company’s chief financial officer stated, Zoom Video had reinforced its network capacity to handle this demand.
Randy Nelson, the head of mobile insights at Sensor Tower, said:
“Many businesses are making their first moves into remote work and gravitating toward the biggest players, like Zoom or Microsoft.”
Recently, Zoom Video Communications made up a list of the best practices and practical tools to successfully manage remote teams. In addition, the company improved its efforts in promoting online learning. In particular, Zoom Video Communications expanded access for schools in Canada, Germany, and the UK. Its aim is to provide teachers, administrators, and students worldwide with the resources necessary to quickly spin up virtual classrooms, participate in online classes, and continue studies online.