Zoom Video Communications Inc. shares jumped for a sixth straight session on Monday, as investors continued to bet that the teleconferencing company would be one of the rare winners from the coronavirus pandemic.
Shares spiked as much as 22%, trading almost twice its daily average volume, in their biggest one-day percentage gain since June 2019. The stock is up more than 40% over the six days, and it has more than doubled this year, with recent gains coming on signs of higher usage.
On Friday, the company’s chief financial officer said it had bolstered its network capacity in order to manage unprecedented demand. The surge comes as more and more people work from home or use the video-conferencing software to keep in touch rather than meet in person.
Recent data from Sensor Tower have shown “big upticks across the board” for mobile-app downloads for work-from-home services. Zoom’s app had download growth of 109%, according to the data. “Many businesses are making their first moves into remote work and gravitating toward the biggest players, like Zoom or Microsoft,” said Randy Nelson, head of mobile insights at Sensor Tower, who spoke with Bloomberg News in a phone interview.
Another similar companies, whose business is still fully operation or showing signs of increase demand due to the COVID-19 pandemia:
1) Microsoft (MSFT)
2) Adobe (ADBE)
As the coronavirus forces school closures, Adobe this week said it would open up more access to its Creative Cloud desktop platform to make distance learning easier for schools that use its products.
Adobe’s Creative Cloud products include media and publishing apps like desktop and mobile apps like Photoshop, Illustrator and InDesign.
3) DocuSign (DOCU)
DocuSign produce software that automates contract filing and verifies electronic signature. DocuSign competes with Adobe in the e-signature field.
4) Citrix Systems (CTXS)
Citrix Systems is a software company that creates digital work platforms.
Junior Trader Radi Djuma