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The value of the shares of video conferencing company “Zoom” surged, with the huge increase in demand during the Corona virus pandemic, so that its value surged more than “ExxonMobil”, one of the largest companies. oil and gas in the world.
Zoom received a market valuation of $ 139 billion, compared to Exxon’s $ 138.9 billion.
Zoom started 2020 with a market cap of $ 19 billion. While it recorded $ 1.35 billion in revenue in the past 12 months, while Exxon, for comparison, recorded revenue of $ 213.8 billion in that time period.
ExxonMobil announced Thursday that it will lay off 1,900 U.S. workers, as part of the latest measures to cut costs and improve efficiency to adapt to the Corona outbreak.
Like other energy companies, Exxon has come under pressure on its business due to the Corona virus, many of which have taken steps to improve balance sheets, reduce employees and, in some cases, suspend dividends.
WTI crude is currently trading at around $ 36 a barrel, up from over $ 62 in January.
Meanwhile, the fortune of Zoom founder Eric Yuan has nearly doubled in the past three months.
Since appearing on the Forbes 400 list of the richest people in America, which was based on July 24 stock prices, his net worth has nearly doubled from $ 11 billion to $ 21.3 billion on Thursday. evening.
Yuan’s fortune has grown alongside Zoom’s business, which has grown rapidly as millions of people working from home continue to rely on the company’s services.
Zoom is the best product yet in 2020, as it largely survived the massive sell-off caused by the pandemic in March, increasing over 600% on the year.
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