Zoom (ZM) Shares Down as Facebook Steps Up Video Service

The video conferencing company Zoom (NASDAQ: ZM) has been one of the lucky winners amid the COVID-induced economic crisis, with millions stuck at home and supplementing life and work with the service.

But Zoom was way down last Friday and in pre-market valuation today, after Facebook (ÑASDAQ: FB) announced it is expanding its own streaming video capabilities.

Friday wasn't goodZoom chart by TradingView

The tech giant announced Friday that as many as 50 users would be able to video conference with each other with no time limit for free. This contrasts with Zoom’s free offering of up to 100 users but capped at 40 minutes.

Facebook has not fared nearly as poorly as many other companies amid the Coronavirus lockdowns, having mostly recovered all of its lost ground from an all time high of about $220.

CryptoGlobe recently reported that 2key, an Israeli startup, has developed an app that allows payments from within Zoom sessions in the form of Ethereum.

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