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Zoom, a video conferencing startup, files to go public on Nasdaq

zoom a video conferencing startup files to go public on nasdaq

Zoom, a popular video conferencing startup company valued at $1 billion as of early 2017, has filed to go public on the Nasdaq. The company hopes to go public as soon as next month.

Founded in 2011 by Eric Yuan, an early engineer at WebEx, the company is joining a growing list of tech conglomerates that are making the leap to go public in 2019. Out of the list, however, it's worth mentioning that Zoom is definitely worth looking into for one important reason: it's actually profitable.

To date, Zoom has raised a total of $145 million, has posted $330 million in revenue in the year ending January 31, 2019, which is a 2x increase year-over-year, and has a gross profit of $269.5 million. Moving from 2017 to 2018, the company similarly doubled its revenue. It had $60.8 million in revenue in 2017 and $151.5 million in 2018.

While the company's profits continue to increase, its losses continue to shrink. In 2017, it reported $14 million in loss, $8.2 million in 2018 and just $7.5 million in the year ending January 2019.

JP Morgan, Morgan Stanley and Goldman Sachs have been recruited to lead the offering for Zoom.

Hamza Khalid

The Jolt Journal is your source for daily tech news, breaking, reviews, and insights.

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