Investors are taking advantage of another volatile trading week. Meanwhile, the large-cap tech stocks keep enduring numerous defeats on worries that their values have rocketed unfairly high, mainly when bond yields are soaring, stoking fears of inflation.
The yield on the 10-year U.S. Treasury, which is a key measure for interest rates on consumer loans, boosted more than 1.6% on Thursday for the first time in around a year. All three major equity averages posted weekly losses on concerns that higher interest rates and inflation will diminish the appeal of stocks.
The S&P 500 lost 2.5% this week marking another negative week in a sequence. The 30-stock Dow decreased 1.8%, while the NASDAQ, the biggest loser, slipped 4.9% for the week. As the modern economic environment remains shaky and uncertain, here is a stock investors will be focusing on during the week:
Zoom Video Communications (NASDAQ:ZM) reporte its fourth quarter earnings for its fiscal 2021 year after the market closed on Monday, Mar. 1st.
The company’s fourth quarter total revenue touched $882.5 million, up 369% year-over-year; full fiscal year total revenue reached $2,651.4 million, up 326% year-over-year.
“The fourth quarter marked a strong finish to an unprecedented year for Zoom. In FY2021, we significantly scaled our business to provide critical communications and collaboration services to our customers and the global community in response to the pandemic. We are humbled by our role as a trusted partner and an engine for the modern work-from-anywhere environment. Our ability to rapidly respond and execute drove strong financial results throughout the year,” said Eric S. Yuan, Founder and Chief Executive Officer of Zoom.
The video-communications pioneer has enjoyed a great year during the COVID-19 pandemic stay-at-home obligation and remote-work scenario that together elevated its sales to new highs. The company’s sales and profit have persistently exceeded expectations every quarter, and the company kept flourishing.
In November, Zoom shared it had 433,700 customers with more than 10 employees; of those companies 1,289 are contributing more than $100,000 in trailing 12-month revenue.