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Zoom’s market cap now above US$50 bil

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Video conferencing app’s stock trades at 55 times estimated revenue. FMTNews

SAN FRANCISCO: Zoom Video Communications Inc soared to a record a rally in the last hour of trading helping the company close with a market value above US$50 billion for the first time.

While there was no clear reason for the steep rise, technology stocks were the best performing group in the S&P 500 Index, and investors may be positioning ahead of Zoom’s earnings report expected on Tuesday.

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