Zoom Video has seen its stock spike more than 100% since January as coronavirus pushes millions to work from home
- Zoom Video has skyrocketed 101% from January 31, while the S&P 500 has lost nearly 30% and the Nasdaq has shed nearly 26%.
- On Monday, Zoom soared nearly 22% to a new intraday high of $159.07 per share.
- The video conferencing company has surged in popularity as people are forced to work from home and socially distance amid the coronavirus pandemic.
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Zoom Video is having record outperformance as the coronavirus pandemic pushes millions of people across the US to work from home and practice social distancing to curb the spread of COVID-19.
On Monday, Zoom surged nearly 22% to $159.07 per share, a new intraday high for the video conferencing company. Since January 31, Zoom stock has gained 101% while the S&P 500 has lost nearly 30%. In the same timeframe, the tech-heavy Nasdaq composite index has shed nearly 26%.
Zoom has boomed in popularity as people are encouraged to practice social distancing to reduce the spread of COVID-19. As of March 18, Zoom cloud meetings ranked first in iPhone daily downloads among business apps in the US, and first by overall apps and games, according to App Annie.
One week prior the app was number 11 on the list, and two weeks ago it was ranked 87th, App Annie data show.
In the US, millions of people are working from home as states such as Massachusetts, New York, California, and New Jersey issue orders banning employees at nonessential businesses from showing up at physical workplaces. The virus has killed 477 and infected more than 39,000 across the country.
Global markets have been hit hard as the coronavirus pandemic worsens, threatening to significantly slow global growth. The S&P 500, Dow Jones Industrial Average, and Nasdaq have slumped more than 30% from February highs, falling into a bear market and ending the longest bull-market on record. At the same time, a number of banks are forecasting recessions in the first half of 2020 due to the spread of COVID-19, the illness caused by the virus.
The company went public on April 18, 2019. Since, it has skyrocketed nearly 263% from its $36 initial offering price through Friday's close.
Zoom has gained 92% year-to-date through Friday's close.
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