Zoom: Yahoo Finance Company of the Year 2020

Zoom CEO Eric Yuan, center, celebrates the opening bell at Nasdaq as his company holds its IPO, Thursday, April 18, 2019, in New York. The videoconferencing company is headquartered in San Jose, Calif. (AP Photo/Mark Lennihan)

Zoom has been the prime help to people globally in all aspects of life. Over the year 2020, it has become a verb. This video chat service has turned into a lifeline for people when millions were driven out of work, the tag of social distancing didn’t let them lead a normal life. Consumers in 2020 looked for the free 40-minute option of Zoom to continue the connection with family and friends and it has become a household favorite too during this pandemic situation. It was initiated 9 years ago and people now call Zooming more than Facetiming or Skyping like calling regular web search Googling. As kids were kept out of classrooms due to the dire situation, “Zoom schools” have been a hit to the parents as well as kids for continuing the normal routine. COO of Zoom Aparna told Yahoo that none of the features of Zoom was designed to support regular consumers but Zoom luckily provides a human connection when most needed.

Zoom was disrupted previously in this year when bombers from nowhere use to arise and barge in and harass members who held invited meetings. Zoom was specifically referred by the FBI for have suffered teleconferencing hijacking. From Federal Reserve to Everyday Americans, Zoom is used by all in spite of the discrepancies. Customers spent more $100,000 and Zoom saw revenue growth of 355%. The stock price of Zoom has soared in the last one year jumping to $410.01 in December, closing off the market from $71.90 in January 2020 to an incredible 475%. There are relevant reasons for Zoom getting the position of Yahoo Finance Company of the Year 2020.

Along with big names like Lyft, Pinterest and Uber, Uber started off successfully in April 2019. Zoom was more profitable as compared to other enterprises. Competitors like Google, Microsoft and Cisco proved major competition to Zoom in spite of its big success. With everyday customers, Facebook and Apple to offer chat solutions. The Company is now neck to neck with Cisco and Microsoft after the launch of Zoom Phone. Zoom will not face any discrepancy during the transition of legacy products like Cisco as it has the advantage of being born in Cloud. Zooms ease of use gained popularity as customers could enter a chat by clicking on just the link. 

The companies which sought video communication tools for employees were suppressed by Zoom. Workers resorted to Zoom not only for work but also for connecting with associates during this pandemic. With more than 10 employees, the company started off with 74,100 customers it has elevated to 433,700 customers with 10 employees. COO exclaimed that the overnight transformation of the chat service platform is difficult to comprehend. From 2013 itself, Zoom has been an active part in universities and colleges which further added the K-12 school platform. As the schools transitioned from in-person education to remote learning, Zoom was the best option. 

As a competition, Meet video chat software is used by Google. A two-day free Summer Academy was conducted by Zoom to prepare the teachers and the learners better with the features as the second lash of COVID struck after September. The 40-minute free limit was also lifted for the betterment of the students. Security vulnerabilities started to show up as the usage was gradually increasing and the most remarkable was Zoom bombing. Bombers in some cases posted inappropriate images and curses as well which used to be utterly disturbing. Customers questioned the company’s securing abilities and reportedly through China some of its calls were routed. Zoom was accused of false advertising by the Federal Trade Commission which was later sorted.