The value of the shares of the videoconferencing company “Zoom” jumped, with the huge increase in demand during the Corona virus pandemic, so its value jumped more than the company “Exxon Mobil”, one of the largest oil and gas companies in the world.
Zoom got a market valuation of $ 139 billion, compared to $ 138.9 billion from Exxon.
Zoom started 2020 with a market capitalization of $ 19 billion. While it recorded $ 1.35 billion in revenue over the past 12 months, while Exxon, by comparison, recorded $ 213.8 billion in revenue during that time period.
ExxonMobil announced that it will lay off 1,900 US employees, in the latest measures to reduce costs and improve efficiency to cope with the outbreak of Corona.
Like other energy companies, Exxon has witnessed pressure on its operations due to the Corona virus, many of which have taken steps to improve balance sheets, reduce employees, and in some cases suspend dividends.
West Texas Intermediate crude is currently trading at around $ 36 a barrel, down from more than $ 62 in January.
Meanwhile, the fortune of Zoom founder Eric Yuan has nearly doubled over the past three months.
By the time he appeared on the Forbes 400 list of America’s Richest People, which was based on stock prices from July 24, his net worth nearly doubled, rising from $ 11 billion to $ 21.3 billion.