Dana Mathewson

A year ago -- well, maybe eight months ago -- most of you had likely never heard of Zoom, the software that makes it easy for a group of people to connect with each other on cell phones, tablets or computers. Now, just about everybody is using the software for work meetings, family get-togethers, church services and the like.

It's no surprise that the guy who invented the product is getting rich. Bernie Sanders is grinding his teeth over it, but hey, why shouldn't the developer reap the rewards of his ingenuity? I can pretty much guarantee that if Bolshevik Bernie could develop a product like this, he'd be delighted to see the stock price climb like this!

About a year ago, you probably had no idea who Eric Yuan was, much less what Zoom was. The coronavirus has however changed all of that. Due to the shutdown, Zoom has become one of the most widely used video calling software. And Eric Yuan, Zoom`s CEO, has gained so much from that growth. As of yesterday`s report of Zoom earnings, Eric Yuna made $5.2bn on Monday alone after shares of Zoom surged.

There are a lot of people, like Bernie Sanders, who would like to let you know that this is unfair; billionaires should not be making so much money at a time when other people are hurting economically. What they fail to say however is just how much the general population has benefited from the services provided by most of the world`s richest people like Jeff Bezos. Tech companies have grown during the pandemic people increased their demand for online services. The same has been true for Zoom, as reported by NBC.

Revenue grew 355% on an annualized basis in the fiscal second quarter, which ended on July 31, according to a statement. In the prior quarter Zoom’s revenue grew 169%. New customers’ subscriptions delivered 81% of the revenue growth, and there was less customer churn than expected, finance chief Kelly Steckelberg told analysts on a Zoom call.

Zoom’s income neared $186 million, up from just $5.5 million in the year-ago quarter. Zoom increased its adjusted gross margin to 72.3% from 69.4% one quarter earlier partly because of expanding the capacity of its own data center equipment.

The rest of the article is here: https://www.americanexperiment.org/2020/09/zoom-has-seen-tremendous-growth-during-the-coronavirus-pandemic-and-that-is-due-to-significant-increase-in-consumer-demand-for-zooms-video-calling-software/?mc_cid=786e1e9581&mc_eid=a372f7b117 Disclaimer: my wife and I use Zoom for a weekly "Happy Hour" with my daughters and grandkids. It works very well for applications such as this. But it's lousy if you want to get music involved. I won't go into why this is so, just believe me.

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