One year ago it was hard to imagine life, without movie theaters, restaurants, various events, etc. However, the coronavirus changed the world. Interestingly, a lot of socialization that would be happening in those places in 2020 is happening over video calls. Moreover, it is hard not to mention Zoom.
It is worth mentioning that, Zoom seemed to come from nowhere. As a reminder, it was not backed by Facebook, Google, Cisco, or Microsoft, but those companies all sought to catch up with Zoom. Suddenly, thousands of people started to use the service. Interestingly, revenue quadrupled and profit increased 90-fold. It was hard to imagine such phenomenal results.
Importantly, the stock went higher and higher, easily standing out as one of the top stocks of the year. This fact once highlights the importance of the company. Interestingly, the founder and CEO of Zoom, Eric Yuan was already a billionaire before Covid-19. The company went public in April 2019 and impressed investors with the combination of fast growth and profitability. It is worth noting that, he is one of the world’s 100 richest people. Notably, his Zoom shares are worth billions of dollars.
Zoom and controversial moments
Many companies around the world are struggling to cope with various scandals and Zoom is no exception. For example, in the spring Zoom found itself on the receiving end of unprecedented demand. However, the company was also bombarded with concerns about the software’s privacy and security. Moreover, then came the questions about Zoom and Yuan’s connections to China. For example, Nancy Pelosi who serves as the speaker of the House of Representatives called the company a Chinese entity on live television.
According to Zoom’s CEO, the company was founded in America and it is an American company. As a reminder, he came to the U.S. in 1997 and became a U.S. citizen in 2007.
Despite all challenges, the company is very popular. Unfortunately, the pandemic is not over yet and millions of people will continue to work from home. It means Zoom will remain part of everyday life for at least several months. Moreover, even after the pandemic, some people continue to work from home, for various reasons. The company has the chance to strengthen its positions around the world in 2021. As stated above, the coronavirus pandemic changed many aspects of life, and it would take to solve all the problems created by the pandemic. Yuan and his employees worked hard to reach formidable results.