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Zoom Video Communications Inc. market capitalization soared to a record on Friday with a rally in the last hour of trading helping the company close with a market value above $50 billion for the first time.
The maker of video conferencing software rose 9.7% to $179.48, giving it a market value of $50.6 billion.
Technology stocks were the best performing group in the S&P 500 Index, and investors may be positioning ahead of Zoom’s earnings report expected on Tuesday.
San Jose, California-based Zoom has gained more than 160% this year as investors bet that soaring usage amid the coronavirus pandemic would translate into long-lasting revenue growth.