Zoom Shares Fall After Pfizer Coronavirus Vaccine Announcement

Zoom, the video conferencing app with nearly 300 million daily users, witnessed a drop in share prices in the wake of Pfizer’s announcement about its coronavirus vaccine candidate. The pharmaceutical giant said Monday that its Covid-19 vaccine has been shown to be 90% effective in building immunity against the virus.

In April this year, the Zoom video conferencing application witnessed a massive increase in daily users. Out of approximately 10 million daily users in December 2019, the app registered 200 million daily users in March.

While confirming the same in a blog post, Zoom also clarified that the number of users per day is counted on the basis of daily meetings.

After Pfizer’s announcement on Monday, Zoom shares fell 15 percent in pre-market trading, according to a report by The Independent. The publication also reported that Zoom shares gained 635 percent in 2020 to now regress to what they were worth in September this year.

This drop in video conferencing app stock prices can be attributed to concerns that a secure vaccine will lead to locks loosening, resulting in more and more office meetings taking place physically instead. of virtually.
Earlier this year, the government of India, among others, warned its employees that using Zoom for official meetings is “unsafe.”

What is the vaccine advertisement?

Pharmaceutical giant Pfizer, which is working with German company BioNTech SE to develop a coronavirus vaccine, said its candidate showed positive results in clinical trials. Pfizer is likely to seek authorization from the United States later this month for the emergency use of its Covid-19 vaccine.

It’s also interesting to note that Pfizer shares posted a 14.2 percent increase in pre-market trading in New York. At the same time, shares in its partner BioNTech rose nearly 23 percent in Frankfurt in the wake of the announcement.