Sometimes our best friend, sometimes our screen fatigue culprit, but most certainly our everyday companion for the past year — we're referencing the star of the pandemic, Zoom (ZM), of course.
Though the love-hate relationship continues, our dependence on Zoom is clear as a middle eastern summer day — so much so that the video communications company's net profit surged more than 741% in Q1 2021. Yes, you read that right!
Reportedly, Zoom's massive cash reserves are being invested in an email facility that will compete with Gmail and Outlook. Also, the company is getting ready for more wins as rumor has it it's looking to acquire startups and competitors in the space of video conferencing.