Zoom launches end-to-end encryption for meetings, beats ExxonMobil on market valuation
Zoom, world’s leading enterprise in video conferencing service, is now worth more than ExxonMobil, one of the world’s largest oil and gas companies. Zoom Video Communications provides online chat services through a cloud-based peer-to-peer software platform basically for teleconferencing, telecommuting, distance education, and social relations. The demand for the app skyrocketed during the Covid-19 outbreak as it enabled millions of users to hold meetings from the comfort of their homes.
Speaking about the encryption, Zoom’s chief information security officer, Jason Lee, said: “The end-to-end encryption was a highly requested feature from our customers, and we’re excited to make this a reality.” The new end-to-end encryption feature will roll out as a technical preview starting in Zoom 5.4.0 for desktop and mobile apps, which makes it much harder for anyone outside of the video call — including Zoom, access to the conversation.
“The encryption has to be enabled for every user joining the call; some other features will not be available. Users on an encrypted call won’t be able to use Zoom’s cloud recording, live transcription, and meeting reactions features and participants won’t be able to join the call by phone or use one-to-one private chat. “All participants have to use a Zoom app that supports end-to-end encryption, as the browser version will not work. Any free account wanting to use end-to-end encryption will have to verify a phone number and add billing information — which is necessary to prevent abuse.”
The company recorded a market valuation of $139 billion, compared to Exxon’s $138.9 billion. The company handily beat earnings expectations in the second quarter ended August 31, with $663.5 million in revenue, and it expects to keep growing at a rapid pace. Zoom now forecasts up to $690 million in revenue for the current quarter (through the end of October); the company also raised its financial guidance for the full fiscal year, through January 2021, to almost $2.4 billion in revenue, up from $623 million for the year through January 2020, as it takes into account even more growing “demand for remote work solutions for businesses.”
Meanwhile, Exxon announced recently that it would lay off 1,900 U.S. employees to reduce costs and improve efficiency during the pandemic. Exxon has seen its operations pressured by coronavirus like other energy companies, many of which have taken steps to improve balance sheets, reduce staff and in some cases suspend dividends.
On the other hand, Eric Yuan, Zoom Founder, has seen his own fortune nearly double over the past three months; Yuan appeared on The Forbes 400 list of America’s wealthiest people, his net worth rose from $11 billion to $21.3 billion.
Founded in April 2011, Zoom makes group collaboration easier. ‘A Group that Zooms Together, Stays Together’ Besides its user-friendliness and compatibility with Mac, Windows, Linux, iOS, and Android, the program has group and private chat capabilities with screen sharing from phones, tablets, laptops, or desktop computers.
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