Zoom, a video conferencing service that has been in high demand during the coronavirus pandemic, is now worth more than one of the world's largest oil and gas companies.
Zoom currently has a market valuation of $139 billion, compared to ExxonMobil's $138.9 billion. In an effort to reduce costs and improve efficiency during the pandemic, Exxon announced on Thursday that it would lay off 1,900 U.S. employees.
Zoom founder Eric Yuan's net worth nearly doubled over the past three months, skyrocketing from $11 billion to $21.3 billion. Zoom is one of the best performing stocks in 2020, rising by more than 600% over the year.
The company easily beat earnings expectations in the second quarter with $663.5 million in revenue, which was far above analysts' forecasts of $500.5 million. Zoom expects to continue growing at a rapid pace, with forecasts up to $690 million in revenue for the current quarter.