Zoom Video stock price surpasses $20 billion

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Varun Kesari
Varun Kesari
Blogger | Youtuber | Music lover | Tech enthusiastic | Proud To be INDIAN

Three weeks after a wave of distrust for big technology introductions in the stock market after Lyft’s chaotic debut on Wall Street, the markets seemed reassured Thursday after the promising first steps of two other giants, Pinterest and Zoom.

Zoom Video Communications Inc. (NASDAQ: ZM ), a company offering online conference vision services, is making its IPO today at Nasdaq, with undeniable success.

The title shows an increase of more than 70% ($62.26) compared to its IPO price of $36. Note that unlike many other technology companies doing their IPO this year, Zoom is already profitable, having posted a profit of 7.5 million dollars last year, or 3 cents per share, for a turnover of $ 330.5 million, up 118% year-on-year.

Note that the social network Pinterest (NYSE: PINS ), which also made its IPO at the NYSE on Thursday, also posted a good performance, with a gain of nearly 30%.

Zoom, for its part, had on Thursday the honor of several bright screens in the busy New York district of Times Square, where the Nasdaq stock market is located. The group, which generated a turnover of $330 million in the twelve months ending January 31, managed to achieve the same period of financial equilibrium.

The conferencing technology company has gained 116 percent since it sold shares at a valuation of $9.2 billion on April 17, making it the best performing initial public offering of the year to raise at least $300 million, according to Bloomberg data. Zoom’s $20.4 billion market capitalization now exceeds that of Lyft, at $17.4 billion, and Pinterest, at $16.1 billion. –
Bloomberg evaluation

While Zoom has less name recognition among the general public than Pinterest, a lot of investors and executives use their software to conduct remote conferences. The Pinterest board can now be seen on the Wall Street screens, under the PINS key, after setting an initial price of $19 per title, two dollars above the highest level of its range. Zoom Video Communications set the starting price of its shares at $36 each, after raising its range due to high demand.

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