Zoom Video Usage Is Leaping as Employees Are Forced to Work From Home

Zoom Video's ZM usage numbers are, well, zooming amid the coronavirus pandemic, according to JPMorgan. The firm's analyst reiterated Zoom Video stock overweight.
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Zoom Video's  (ZM) - Get Report usage numbers are, well, zooming amid the coronavirus pandemic, with users on the teleconferencing application leaping as of March 22 compared with a year earlier, according to JPMorgan. 

Analyst Sterling Auty affirmed an overweight rating on the San Jose, Calif., company. In a report he cites Apptopia data showing that daily active and monthly active users on Zoom's cloud-meetings app reached 15.3 million and 28 million, respectively. 

Those numbers reflect a near quintupling in daily active users and a near tripling in monthly active users, compared with a year earlier, according to Apptopia. 

JPMorgan says that the company has seen serious uptake in usage and application downloads in the weeks since the coronavirus pandemic forced tens of millions of U.S. workers to work from home. 

Zoom shares at last check rose 5.8% to $160.54.

Zoom's free version allows users to host up to 100 video participants at once, well ahead of Microsoft-owned  (MSFT) - Get Report Skype's free model, which allows for 50. Zoom's free video calls can run 40 minutes.

For video calls exceeding 40 minutes, Zoom users can pay $14.99 monthly for unlimited minutes. Enterprise users are charged $19.99 per month. 

On March 23 Zoom was downloaded 2.13 million times from the Apple   (AAPL) - Get Report App Store, up from 2.04 million the day before. Two months ago the app averaged 56,000 global downloads a day. 

Zoom was founded in 2011 by a former Cisco employee, Eric Yuan. 

The company's market cap was sitting above $42 billion on Monday.