Global vaccine distribution and the development of vaccines have raised hopes for an early end to the pandemic that is COVID-19. Despite this, Zoom Video Communications (ZM), a key beneficiary of the massive shift toward remote work, will remain popular, Bank of America analysts said. After the end of the pandemic, video conferencing platforms will remain in demand since many companies use a hybrid format of work, experts say.
Zoom shares are currently worth $ 68 per share early in 2020. As a result of the pandemic, the company’s capitalization rose by a significant amount. At the height of the pandemic, Zoom prices soared to $ 588.8 per share by October 2020, but eventually, as vaccines emerged, interest in the service’s stock began to wane. At the auction on April 20 on the NASDAQ stock exchange, the company’s shares were worth $ 318.6 as of 19:45 Moscow time.
Analysts at the bank of America recommended buying shares in the video conferencing platform Zoom Video Communications (ZM) developer. The Bank of America analyst believes the stock could soar again this year and make up much for the fall in recent months. The share price may rise to $ 480 by the end of the year, which would mean a 1.5 times growth from current levels.
According to Zoom’s fourth-quarter financial statements ended January 31, revenues reached $ 882.51 million from $ 188.03 million a year earlier. The company’s net income was only $ 15.3 million ($ 0.05 per share). However, this quarter the company’s net income surged 17-fold to $260 million ($ 0.87 per share).
Zoom Video Communications (ZM) revenue for the entire fiscal year reached $ 2.65 billion. According to total results for the entire fiscal year, the company achieved a net loss of $ 671.5 million, which is 31 times greater than it had accrued during the previous year. Compared to the previous year, the number of paid customers almost sixfold increased at the end of January 2021, reaching 467.1 thousand users.