Zoom Video Communication’s good week ends on sour note after Facebook crashes party | #corporatesecurity |


In another winning week, shares in Zoom Video Communications Inc. ended on a sour note after Facebook Inc. disclosed plans for a competing video chat product.

The news sent Zoom shares tumbling, eventually closing with a decline of 6.1% on Friday. Still, the stock managed to gain more than 5% for the week, fueled by a surge in users who have embraced the video-conferencing software for work and socializing while confined to their homes. Zoom’s shares have jumped more than 130% this year, vaulting the company into the ranks of some of the most valuable U.S. companies. At $44 billion, Zoom’s market capitalization is now bigger than nearly three-quarters of the companies in the S&P 500 Index.

Investors have flocked to Zoom with much of the world home-bound to combat the spread of the novel coronavirus. On Wednesday, Zoom reported a 50% jump in users in the past three weeks. Along with Zoom’s success has come headache, with the San Jose, California-based company facing backlash over privacy and security concerns that prompted an apology from Chief Executive Officer Eric Yuan and moves to make the platform more secure.





Click her for the original source of this story.

Leave a Reply

Your email address will not be published. Required fields are marked *

79 − 69 =