The Covid-19 has cracked normal. And what it will continue to do this Christmas is that many families will be forced to celebrate separately. Zoom, one of the video calling platforms that has grown the most in the number of users during 2020, has announced that it will eliminate the 40-minute restriction on conferences held from free accounts during specific dates.
Specifically, Zoom will allow unlimited video calls around the world between December 17 and 19 on the Jewish celebration of Hanukkah, between Wednesday, December 23 and Saturday, December 26 for Christmas. Besides, calls will be unlimited between Wednesday, December 30 and Saturday, January 2 for New Years.
Zoom explains on his official blog that those who connect with friends and family on these holidays will not be interrupted.
The conference platform expresses that the user does not need to perform any operation to enjoy the initiative. Remember to take several steps to protect your meetings, such as not sharing meeting IDs with third parties outside of the video call.
How fast did Zoom Video grow this year?
The video conferencing platform provider was one of the hottest growth stocks in 2020. The video communications company’s stock started the year trading in the high $60s. Still, it skyrocketed to nearly $570 a share by October after the pandemic turned the company into a household name. Zoom’s sudden growth was driven by a shift toward remote work, online education, and online social visits throughout the coronavirus pandemic. Its simplicity and the lack of strings tethering users to more significant-tech ecosystems amplified its appeal.
Zoom’s revenue increased by 88% to $622.7 million in fiscal 2020, which ended on January 31. Its adjusted net income climbed 514% to $101.3 million. Those numbers were already astonishing. However, the pandemic caused Zoom’s growth to accelerate to surprising levels this fiscal year.
As new coronavirus vaccines curbed the market’s appetite for stay at home stocks, the Zoom Video’s share price dropped back to $400s.
The company expects its revenue to rise 328%-331% year over year for the fourth quarter. It forecasts its revenue to grow 314% and adjusted EPS to jump 726%-731% For the full year.
According to CNBC, Digital Turbine is the only tech stock that has outperformed Zoom this year. It is a 22-year-old mobile phone software provider based in Austin, Texas. It has climbed 573% in 2020, topping Zoom’s 487% gain.
The company’s market cap started the year at a little over $600 million and reached $4.3 billion.
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