Zoom's Missing Platform
Zoom’s stock has more than doubled YTD, largely propelled by the COVID-19 crisis. It blew past 300M daily meeting participants, revenue is up 88% in 2020, and net income is up 6x. Those numbers might provide some insight as to why the market is trading the company at over 70x LTM revenue (yes, you read that right), but provides little justification. The market is trying to bake in the massive shift in communication: Zoom is trying to be your remote office....