It took Eric Yuan, the 50-year-old chief executive officer of Zoom Video Communications, Inc. a few hours only to earn $4.2 billion. The share price of his in-demand online-meeting service climbed more than a quarter to $410 in Tuesday's extended sessions on the Nasdaq.
The company registered an impressive rally in its quarterly sales and expects the advance to gain momentum. Yuan's total net wealth can balloon to $20 billion if the company's stock price keeps up its current pace, analysts said. But according to the Bloomberg Billionaire Index, Zoom's latest boost has already increased Yuan's fortune to more than $23 billion.
Revenue at California-based Zoom rose more than 350 percent in the first half and profit increased almost 10 times as more businesses became customers - joining the virtual conferencing platform to stay connected during the current health crisis.
Zoom said Monday it had roughly 370,200 customers with more than 10 staff at the end of the second quarter - a year-on-year increase of nearly 460 percent.
To date this year some of the world's wealthiest people have seen their bank accounts swell. Jeff Bezos of Amazon saw his total net worth increase by $13 billion in a single day in July and Elon Musk of Tesla earned around $8 billion in the same time last month. Bezos has broken the $200 billion mark while Musk made it past $100 billion last week.
Zoom, for its part, has been among the fortunate recipients of the coronavirus crisis with companies and education organizations signing up for the telecommunications app.
On the heels of robust results, Zoom elevated its forecast for full-year sales to between $2.4 billion and $2.4 billion. The company previously estimated sales of between $1.78 billion and $1.9 billion.
Yuan said Zoom would continue to pour money into international expansion and take advantage of its "brand awareness and increased global opportunity." The company expects to earn as much as $2.5 billion in the fiscal period ending in January - translating to a sales increase of nearly 400 percent in one year.
