This tremendous growth has been possible due to an ingenious low friction acquisition strategy which allows for users to trial the platform for free without an associated email, bulky downloads, or lengthy user account profile. In the first quarter of 2020 the company was valued at over $35 billion USD and is significantly outpacing almost all other tech companies in growth metrics. Since its founding, Zoom has continued to double revenues year over year and increased from $60 million in 2017 to over $330 million in fiscal 2019. The price has not dipped below this first day closing price since. Traders looking to invest in Zoom stock competed to get a piece of the company and the price rose over 80 per cent on the first day before closing up 72 per cent at $62.00. The fact that the company had already achieved profitability prior to its public offering is a rarity in the tech world and was an indication of the success to come. The IPO price was set at $32.00 and the first day price surge would set the stage for the meteoric rise to come for the Zoom shares price. Zoom stock trading began on April 18, 2019. The popularity of the program surged during the many stay at home orders issued as a result of the coronavirus pandemic of 2020 and has quickly become a household name.
The stated mission of the company is to make communication frictionless and this business strategy has resulted in a significant uptake in monthly users since its founding. The company serves education, entertainment/media, enterprise, government as well as essentially all other business sectors. The company’s product portfolio includes Zoom Meeting which offers HD video, voice, chat, and content sharing through mobile and desktop devices as well as phone, chat, and virtual conference room functionalities. Zoom provides a video-first communications platform to users around the world. Originally called Saasbee the company changed its name in 2012 and is headquartered in San Jose, California.
Zoom was founded in 2011 by Eric Yuan, a former Cisco and Webex engineer.
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