Zoom shares are falling following a 40% rise on Tuesday

Zoom shares are falling following a 40% rise on Tuesday

Eric Juan, Founder and CEO of Zoom Video Communications Inc., speaks during the BoxWorks 2019 conference on Thursday, October 3, 2019 at the Moscow Center in San Francisco, California, USA.

Bloomberg

Zoom shares fell more than 8% after opening trading on Wednesday as investors took their gains from the stock rise on Tuesday.

Role of video conferencing software company It was up 41% on Tuesday After it was announced Financial Second Quarter Earnings Was better than researchers expected and raised its full-year guidance. The company reported that its revenue quadrupled during the quarter.

The company, which went public in April 2019, still has a market cap of about $ 118 billion. Its value was $ 25 billion a year ago.

Zoom has benefited widely from the Covid 19 epidemic as employers and educators turn to software to change face-to-face meetings and lessons. Zoom has an average of 148.4 million monthly active users, up 4,700% year-over-year, RPC analysts led by Alex Jukin wrote in a note distributed to customers on August 17, citing data from the App Analysis Startup Sensor Tower.

Zoom is now one of the most valuable US technology companies with more market cap than IBM and VMware.

– CNBC’s Jordan Nowet contributed to this report

Subscribe to CNBC on YouTube.

See also  The government has issued a final warning to Twitter to appoint its representatives in India following the withdrawal of the blue badge certifying the Indian Vice President's Twitter account.

You May Also Like

About the Author: Cory Weinberg

"Alcohol evangelist. Devoted twitter guru. Lifelong coffee expert. Music nerd."

Leave a Reply

Your email address will not be published.