Zoom Video Communications Inc (NASDAQ: ZM) has been on a roll this year. The video conferencing software provider has been one of the main benefactors of the COVID-19 pandemic.

In the quarter ended 30 April 2020, Zoom’s revenue increased by a mind-boggling 169% from the corresponding period a year ago. But that wasn’t all. In the very next quarter ended 31 July 2020, Zoom again blew past expectations, reporting a 355% increase in revenue.

Unsurprisingly, investors have reacted sharply to the news, sending Zoom’s stock price up 460% since the turn of the year. As of the time of writing, the company was valued at US$114.8 billion. To put that in perspective, the Singapore stock market’s largest company by market capitalisation, DBS Group Holdings Ltd (SGX: D05), is only valued at S$61 billion. Zoom was born just nine years ago in 2011 while DBS took 52 years to get to where it is today.

The question now for investors is whether Zoom is overvalued.

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