Zoom stock soars 600%, adds 46 mln downloads in September

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Video conferencing platform Zoom added 46.26 mln downloads of its app in September, on both Android and iOS platforms, thus benefitting from accelerated adoption of cloud-based communication, data presented by Buy Shares indicates.

Android had the most downloads at 32.17 mln. For iOS, the iPhone recorded 10.86 mln downloads, while the iPad had 3.23 mln Zoom app downloads.

The Buy Shares research also overviewed Zoom stock prices on a year to date (YTD) basis, that has grown by a staggering 623.97%.

At the start of the year, the Zoom stock price was $71.9, while on October 21, it stood at $520.54. Zoom’s all-time stock price was registered on October 14 when it peaked at $537.02.

The rise in the Zoom stock price correlated with a period when the coronavirus pandemic was spreading across the world. The lockdowns imposed by authorities meant that video conferencing platforms were utilised for education, work and personal use.

The research highlighted why Zoom stock remained high despite the easing of lockdown measures.

According to the research report: “Even after lockdown measures were eased, Zoom stock has continued to grow since the pandemic ushered in a culture of working from anywhere.”

“The pandemic accelerated the adoption of cloud-based communications, and Zoom being a pioneer, continues witness growth.”

Notably, Zoom has successfully addressed the security and privacy concerns that threatened its rise to the top.