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NEW YORK (AP) – Zoom skyrocketed early in Tuesday’s session, making corporate video conferencing more valuable than those set in the automotive and aviation sectors.
The stock rose 33% to $432.45, bringing Zoom’s market price to nearly $122 billion after reporting an explosive expansion in the last quarter, as more people paid for subscriptions, which gave them more than virtual meetings.$663.5 million and profits exceeded Wall Street forecasts.
At the current level, the Zoom market surpasses that of two historic carmakers, General Motors and Ford, combined, as well as that of aviation giant Boeing and Consumer Favorite Starbucks.
The company is one of the main beneficiaries of the viral pandemic, as more and more people join its videoconferencing service to paintings from home.
In a sign of confidence, Zoom raised its earnings forecast for its fiscal year ending in January to nearly $2.4 billion, from about $1.8 billion that the San Jose, California-based company had forecast in early June.A $910 million zoom is expected at the beginning of your fiscal year.