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Thursday, October 22, 2020

Zoom daily users surge to 300 million despite privacy concerns

More than 300 million people used Zoom’s flagship video conferencing app, up from about 200 million on April 1, Chief Executive Officer Eric Yuan said.

By: Bloomberg | Updated: April 23, 2020 8:43:54 pm
Zoom daily users surge to 300 million despite privacy woes Zoom’s shares have soared in 2020 as the popularity of its video conferencing service has grown during a time of widespread lockdowns aimed at stemming the spread of the coronavirus pandemic. (Bloomberg: Gabby Jones)

Zoom Video Communications Inc. has been lambasted for its security flaws, but the backlash hasn’t slowed growth. The company reported a 50% surge in use of the online meeting application in the past three weeks.

On April 21, more than 300 million people used Zoom’s flagship videoconferencing app, up from about 200 million on April 1, Chief Executive Officer Eric Yuan said Wednesday during a webinar focused on security. While some companies and school districts have dropped the app, Zoom’s response has reassured investors and sent shares climbing.

“Clearly the Zoom platform is providing an incredibly valuable service to our beloved users during this challenging time,” Yuan said. “We are thrilled and honored to continue to earn the trust of so many enterprises, hospitals, teachers and customers throughout the world.”

Also read | No more Zoombombing: Zoom will allow meeting host to report participants

Zoom’s shares rose about 5% Wednesday to $150.25 at the close of New York trading. The stock has more than doubled so far this year. Before the Covid-19 pandemic, Zoom was focused on business communications and used by about 10 million people, mostly office workers.

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The San Jose, California-based company earlier Wednesday detailed a variety of updated security measures for the latest version of its app, including the ability to report a user to Zoom and a boosted level of encryption. Like many of its peers, the company doesn’t offer end-to-end encryption, which is the highest standard.

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