Stock Alert: Zoom Video Communications Up 8%

(RTTNews) - Shares of Zoom Video Communications Inc. (ZM) are gaining nearly 8% on Friday morning.

ZM is currently trading at $152.42, up $11.27 or 7.98%, on the Nasdaq.

The stock of the popular videoconferencing company, which went public back last year, has witnessed an increase in demand since the ongoing coronavirus (COVID-19) outbreak.

The pandemic has made thousands of people to work from home and stay indoors. More and more people are now downloading the company's remote-work tools including videoconferencing app as the virus continues to spread.

Users can make use of the free options that the company offers, including one-on-one meetings for unlimited time or group meetings for under 40 minutes. However, the company could expect to see a part of these free users transform into paying accounts both in the near and long term.