The company, which went public in April 2019, still has a market capitalization of around $ 118 billion. It was worth $ 25 billion a year ago.
Zoom has benefited greatly from the Covid-19 pandemic, as employers and educators turn to software to replace in-person meetings and lessons. Zoom averaged 148.4 million monthly active users in the quarter, up 4,700% year-over-year, RBC analysts led by Alex Zukin wrote in a note distributed to clients on Aug. 17, citing data from app analytics startup SensorTower.
Zoom now ranks among the most valuable US technology companies, with a market capitalization larger than IBM and VMware.
– CNBC’s Jordan Novet contributed to this report
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