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COVID-19

Zoom to report earnings for first time since pandemic hit

Erika Beras Jun 2, 2020
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Guests attend a Virginia couple's nuptials over Zoom. The platform is used for everything from work meetings and school lessons to weddings. Andrew Caballero-Reynolds/AFP via Getty Images
COVID-19

Zoom to report earnings for first time since pandemic hit

Erika Beras Jun 2, 2020
Heard on:
Guests attend a Virginia couple's nuptials over Zoom. The platform is used for everything from work meetings and school lessons to weddings. Andrew Caballero-Reynolds/AFP via Getty Images
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Zoom will report its first-quarter earnings Tuesday. The last time the videoconferencing company reported financial results was before the COVID-19 pandemic changed everything about the way we live — and before so many of us started living our work, school and social lives online. Zoom has facilitated everything from job interviews and virtual funerals to the filming of TV episodes and movies.

Back in early March, Carnegie Mellon University professor Michael Smith says, Zoom was “the cute little videoconferencing platform” that was mostly used by workplaces.

Then came the COVID-19 crisis. “Now it’s almost a verb,” Smith said.

The company has seen a huge surge in users since the pandemic hit, with 300 million daily Zoom meeting participants now. It seems like Zoom is everywhere.

“I don’t think it was thought of like this in its infancy,” said Ian Greenblatt of J.D. Power.

Rapid growth has meant occasional slowdowns and security issues like “Zoombombing.” John Freeman of CFRA says Zoom has to figure out how it can lock people into using its application longer-term.

Third Bridge analyst Scott Kessler says there’s a lot of competition out there from the likes of Google, Microsoft and Facebook.

“They’re all focused on a whole host of other things. Zoom seems to be squarely focused on the opportunity at hand,” Kessler said.

That’s one advantage Zoom has. It really only does one thing, and we all know what that is.

COVID-19 Economy FAQs

Can businesses deny you entry if you don’t have a vaccine passport?

As more Americans get vaccinated against COVID-19 and the economy begins reopening, some businesses are requiring proof of vaccination to enter their premises. The concept of a vaccine passport has raised ethical questions about data privacy and potential discrimination against the unvaccinated. However, legal experts say businesses have the right to deny entrance to those who can’t show proof.

Give me a snapshot of the labor market in the U.S.

U.S. job openings in February increased more than expected, according to the Labor Department. Also, the economy added over 900,000 jobs in March. For all of the good jobs news recently, there are still nearly 10 million people who are out of work, and more than 4 million of them have been unemployed for six months or longer. “So we still have a very long way to go until we get a full recovery,” said Elise Gould with the Economic Policy Institute. She said the industries that have the furthest to go are the ones you’d expect: “leisure and hospitality, accommodations, food services, restaurants” and the public sector, especially in education.

What do I need to know about tax season this year?

Glad you asked! We have a whole separate FAQ section on that. Some quick hits: The deadline has been extended from April 15 to May 17 for individuals. Also, millions of people received unemployment benefits in 2020 — up to $10,200 of which will now be tax-free for those with an adjusted gross income of less than $150,000. And, for those who filed before the American Rescue Plan passed, simply put, you do not need to file an amended return at the moment. Find answers to the rest of your questions here.

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