As the Coronavirus pandemic has forced the global population to stay indoors, video conferencing apps like Skype, Google Meet and Zoom are being heavily used by most working class people to work from home.
Among the aforementioned apps, Zoom has seen the biggest increase in usage, despite its privacy controversies. Now, according to recent reports, Zoom has overtaken major companies like AMD and Unilever in terms of valuation.
Zoom is now a bigger company than AMD and Unilever
While there are plenty of other video conferencing apps out there, people love using Zoom. Probably due to the features it offers and the fact that it is completely free. 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 large business groups in various sectors. At this valuation, Zoom successfully outperformed 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 rate, it will soon overtake major players like Goldman Sachs and mining giant Rio Tinto.
Along with the valuation surge, the California-based company also saw a massive rise in its share price. According to the report, Zoom stock is currently priced 250% higher than it was earlier this year.. The price jumped from $68.72 per share to a whopping $239.02 per share. You can check out a chart below showing the rise in share prices for Tesla, whose price rose 130%, and Zoom.
Well, this clearly shows that Zoom is having a great time in its life as more and more people are turning to Zoom in the midst of the ongoing crisis. Until the pandemic started, many of us didn't even know Zoom existed.
Most of us were familiar with Skype or Whatsapp. However, the pandemic surely helped Zoom become one of the biggest players in the video conferencing and video calling scene.