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Zoom Video Becoming Favorite As Coronavirus Spreads

zoom march19 lt

Video conferencing software company Zoom Video Communications is having a boom time amid the coronavirus pandemic.

The San Jose, California-based company's services include video conferencing, online meetings, webinars, chat, and mobile collaboration.

As the coronavirus spreads across the U.S., more companies are choosing online meetings and remote conferences over face-to-face ones, benefiting Zoom immensely.

Many tech companies have asked their employees to work from home through the month of March and are promoting social distancing in the workplace.

Zoom's app topped the free charts in the ioS App Store and Google Play Store in the U.S. earlier this week. According to Apptopia, a tracker of mobile apps, almost 600,000 people downloaded the Zoom app last Sunday, marking the app's best day ever.

Zoom's technology is increasingly being used by corporations for transitioning to remote work environments, and by schools as well as colleges to conduct virtual classrooms. Doctors and healthcare professionals are also using Zoom to diagnose and treat patients remotely.

Zoom was founded in 2011 and went public on the Nasdaq Global Select Market in April 2019.

Zoom is also one of the few companies whose shares have soared despite the stock market crash caused by the COVID-19 pandemic. The company's stock has gained more than 40 percent in the last three months.

Zoom, in early March, reported better-than-expected earnings for the fourth quarter and also forecast results for the first quarter as well as fiscal 2020 above analysts' estimates. The company's shares touched a new 52-week high following the announcement of the results.

Zoom recently announced the general availability of its Zoom Phone cloud phone service in eleven more countries in Europe and its Beta Service in 24 new countries and one territory.

Zoom Phone is a cloud phone system available as an add-on to Zoom's platform. The cloud phone service is now available in a total of 17 countries and one territory.

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