265 Million Reasons Zoom Is More Than a Pandemic Stock
In early 2020, if you wanted to keep working and continue connecting with friends and family, you likely found yourself using Zoom Video Communications' (NASDAQ: ZM) namesake app. The product became ubiquitous because of the pandemic; the company's revenue for fiscal 2021 (which ended Jan. 31) skyrocketed 326% year over year; and the stock trades over 300% higher than where it traded in January 2020.
On Aug. 30, Zoom released financial results for the second quarter of fiscal 2022. Since then, the narrative has focused on slowing growth, confirming for many that Zoom was just a pandemic stock and not worth owning now that there's a vaccine. But a closer look at a $265 million item within Zoom's billion-dollar top line completely shatters this widely held misconception.
Image source: Zoom Video Communications.
Source Fool.com