Shares of Zoom Video Communications have skyrocketed since the coronavirus pandemic started, but will the company's success last when it's over?
Many analysts believe it will.
The Silicon Valley company quickly became a household name as the outbreak limited groups of certain sizes and shuttered offices across the globe. It’s taken over digital meetings in the way Google took over the search function.
"You know, I’m not worried about that," Joint Ventures Silicon Valley President/CEO Russell Hancock said. "I think what the pandemic has shown is that these services are now indispensable."
Now, more than ever, employers are willing to meet online.
"Once we have Zoom, people aren’t going to relinquish it," Hancock told KCBS Radio. "In fact, what we’re seeing is that employers are embracing this. They’re not feeling a rush to get back to work."
Zoom has become part of everyday life for most as more and more companies commit to remote work moving forward.
It’s not just workplace use, either. Many have used the service to see family and friends with social distancing measures in place. The respective campaigns for president have also dialed up their use of the video service in an attempt to connect with voters.
Earlier this month, Zoom announced revenue for its fiscal first-quarter more than doubled from the same time last year to $328 million, resulting a profit of $27 million. That's up from just $198,000 a year ago, leaving Zoom with a whopping market value of $59 billion.