Zoom gains 100 million new users in three weeks
Zoom’s userbase continues to grow despite privacy and data-sharing concerns
Shares of Zoom rose by 11% Thursday after the company announced it surpassed 300 million daily users, a 100-million increase since its April 1 update.
According to Market Insider, Zoom's stock has returned almost 150% year-to-date, and its number of users has risen nearly 3,000%.
Before the coronavirus outbreak, Zoom had approximately 10 million daily users. As the virus has progressed, stay-at-home orders forced many individuals to transition to work-from-home environments, creating a remarkable surge in Zoom users. From remote workers using it for daily meetings to those scheduling social events, such as digital happy hours, Zoom has become the video-conferencing solution of choice for a number of people.
"Clearly, the Zoom platform is providing an incredibly valuable service to our beloved users during this challenging time," CEO Eric Yuan shared during a webinar earlier this week. "We are thrilled and honored to continue to earn the trust of so many enterprises, hospitals, teachers and customers throughout the world."
While Zoom's popularity has skyrocketed in recent weeks, the company has also faced its fair share of backlash regarding user privacy and security. Weeks ago, Zoom was sent scrambling when Internet trolls took to “Zoom bombing” unsuspecting users. Around the same time, Zoom was also hit with a class-action lawsuit related to data sharing.
It will be interesting to see what the next few weeks have in store for Zoom. With many states and local communities extending stay-at-home orders, Zoom’s userbase is likely to experience continued growth until the coronavirus pandemic subsides.
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