Zoom shares pop after users grow from to 300 million

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Eric Yuan, founder and chief executive officer of Zoom Video Communications Inc., center, celebrates during the company’s initial public offering at the Nasdaq MarketSite in New York on April 18, 2019.

Victor J. Blue | Bloomberg | Getty Images

Shares of Zoom popped more than 7.75% Thursday after the company announced its daily users grew 50% in the past month. 

More than 300 million people used Zoom’s videoconferencing software on April 22, CEO Eric Yuan announced in a webinar.

Zoom has seen a spike in users since the Covid-19 pandemic has pushed several companies and schools to remote work, and is proving it will continue to do so. Zoom announced on April 1 it had 200 million people using its software in March, after several stay-at-home mandates were implemented, from about 10 million in December.

“Clearly the Zoom platform is providing an incredibly val service to our global users during this challenging time,” Yuan said. 

The surge in users has also sparked criticism around Zoom’s privacy and security. The company announced it would halt new features for the next 90 days while it works to improve the platform’s privacy.

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