In this article we discuss the 5 best communication stocks to buy now. If you want to read our detailed analysis of the communication sector, go directly to the 10 Best Communication Stocks to Buy Now.
5. Zoom Video Communications, Inc. (NASDAQ: ZM)
Number of Hedge Fund Holders: 59
Market Cap: $85.346 billion
Zoom Video Communications, Inc. (NASDAQ: ZM) is one of the biggest beneficiaries of the COVID-19 pandemic as its revenues quadrupled to approximately $2.65 billion in 2020. The company is a provider of a video-first communications platform in the Americas, Europe, the Asia Pacific, Middle East, and Africa. The company was founded in 2011 and is headquartered in San Jose, California. It now controls over 40% of the US web conferencing share with traditional workplaces disrupted due to the ongoing pandemic. Zoom Video Communications, Inc. (NASDAQ: ZM) had a total revenue of $882.5 million in the fourth quarter of 2020 which was a 369% year-over-year increase. The full fiscal year total revenue amounted to $2.65 billion, up 326% year-over-year, according to the company’s earnings report. GAAP net income attributable to common stockholders for the fiscal year was $671.5 million, or $2.25 per share, compared to GAAP net income attributable to common stockholders of $21.7 million, or $0.09 per share for fiscal year 2020. Zoom Video Communications, Inc. (NASDAQ: ZM) is a brand-name stock with a serious upside which makes this cloud-based web conferencing company one of the best communication stocks to buy now.