In the late US trading, shares of the virtual-meeting company, Zoom Video Communications Inc. surged about 26 per cent to $410 after the company reported rapid growth in its quarterly revenue and tended to maintain that growth level.
During Covid-19 pandemic, Zoom application was the most helpful online application available for businesses and educational institutions to work and teach remotely. The company reported that its sales soared 355 per cent to $663.5 million in just three months, becoming the second-largest surge among Nasdaq 100 Index in the last quarter. The company said its sales in the fiscal year ending in January, would reach up to $2.39 billion, which will be around quadruple in its revenue in just one year.
After Monday close, Eric Yuan, CEO of Zoom Video Communications Inc. was $12.8 billion richer as of Monday close as the stock surged almost fivefold. Now he has become one of the biggest gainers this year. The rally has also profited Early Zoom investors, Li Ka-Shing and Samuel Chen.