Zoom Reported Their Quarterly Earnings Results and Exxon Is Pouring Out Blood
Zoom has positioned themselves as a huge name in videoconferencing and over the course of the year, the pandemic has only helped establish the brand further and its service further.
Zoom’s revenue more than quadrupled compared to the same time last year, according to its most recent quarterly earnings report. Last year, the company cashed in a profit of just $2.2 million. Now, that number breached the $777 million mark.
Energy markets have been nothing but ugly and for Exxon Mobil Corp, that means incurring their biggest write down in recent history. On Monday, the company disclosed that it will be writing down the value of North and South American natural gas fields from $47 billion to $20 billion.
With a pandemic driven collapse in fuel sales, cratering crude prices and a worldwide supply glut, it’s not surprising that the company is having a hard time. What this means for the future of this long-standing company will be something to watch out for.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.