Zoom Video Communications' video conferencing service is now back up after being down for several hours Wednesday, leaving thousands of Users unable to host or join video meetings.
The company said Thursday that the outage was caused by localized internet service issues. Telecom company Verizon Communications issued a separate statement announcing that it had also been experiencing problems at around the same time.
Service monitoring company Downdetector said that it had received around 2,000 reports from people experiencing issues with Zoom. The site also received nearly 5,400 separate incident reports from people experiencing problems with Verizon's services.
Zoom, which had seen an unprecedented rise in users during the pandemic, said on its status page that all of its systems are now operating normally. Verizon said that it had also resolved all of its technical issues.
"Earlier there was an issue impacting internet routing for some of our customers. The issue has since been resolved," a Verizon spokesperson said.
Zoom's share closed slightly lower on Wednesday at $341.57 per share. The stock hit a peak of $437.01 on Tuesday after it announced a strong current-quarter forecast and released better-than-expected results.
Since last year, the company has seen a meteoric rise in users and revenue as people around the world shifted to work-at-home arrangements due to the pandemic. The company saw its share price more than quadrupled during the same period.
The company's founder and chief executive officer, Eric Yuan, said that he believes that Zoom is still "positioned for strong growth" despite the expected reopening of economics and offices worldwide.
During its latest earnings call, Zoom said that it expects millions of people to continue using its services for online classes and work meetings throughout the year.
For its latest quarter, the company reported revenue of $882.5 million, significantly higher than the $811.8 million it reported a year ago. The figure beat average analysts' estimates of $829.2 million. On an adjusted basis, the company reported earnings of $1.22 per share, beating estimates of $0.79 per share for the period.
