The average user of Zoom Video Communications, a video conferencing software maker, nearly tripled to rival Microsoft Teams in March, as the outbreak of new corona pneumonia pushed large numbers of Americans to work from home or attend classes, according to Apptopia, a research firm. Its market capitalisation has doubled since the end of January.
Millions of children in the United States are turning to online learning, and businesses are asking employees to work from home to stem the spread of the virus. On Monday, Zoom had a record 4.84 million daily users in the U.S., 1.56 million for Teams and less than 500,000 for Slack.
The number of active users in Zoom rose 151 percent in March from a year earlier, according to Apptopia.
At Tuesday’s close, Zoom’s shares were trading at $146.12, more than three times the $36 ipo price in April. The company’s market capitalisation has more than doubled since the end of January.