WEBVTT - Zoom CEO on 'Taking Quick Actions'

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<v Speaker 1>This is Bloomberg Business Week with Carol Messer and Jason

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<v Speaker 1>Kelly on Bloomberg Radio, and the cover story of Bloomberg

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<v Speaker 1>Business Week magazine is all about Zoom, and as we

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<v Speaker 1>talked about earlier with our own Drake Bennett and Joel

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<v Speaker 1>Weber of Business Week. You know, I didn't know what

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<v Speaker 1>Zoom was. I now know what it is. I've created

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<v Speaker 1>my own conferences, you know, my own calls with family

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<v Speaker 1>I've done. That's saying something about ease abuse, isn't it? Yes,

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<v Speaker 1>because I'm not, as most folks know, UM, not so

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<v Speaker 1>good when it comes to technology. That's not an expert.

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<v Speaker 1>You're very proficient. But but I don't think anybody sent

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<v Speaker 1>that because in college I would run the board. I

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<v Speaker 1>did really well. I'm actually, you know, not so bad.

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<v Speaker 1>Everybody just likes to jump on me. Um. All right,

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<v Speaker 1>But check it out. Zoom in a in a market

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<v Speaker 1>year where there has been so much volatility and most

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<v Speaker 1>names are down for the year, shares of Zoom the

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<v Speaker 1>usage is up and the stock is up eighty three percent. Jason, Yeah,

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<v Speaker 1>it's really really interesting to watch. And I have to

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<v Speaker 1>say I was on a Zoom call, uh with an

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<v Speaker 1>investment banker friend earlier, and you know, because it's nice

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<v Speaker 1>to see people, and I think that we're going to

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<v Speaker 1>get a conversation and it works really well. Ready, bunch element.

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<v Speaker 1>I kind of love if you've got a bunch of

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<v Speaker 1>people on there. And he basically said, he's like, listen,

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<v Speaker 1>I'm spending more time on Zoom than with my family

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<v Speaker 1>at this point. And that's saying something because we're all

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<v Speaker 1>spending a lot of time with our families. But you know,

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<v Speaker 1>a lot of companies have have set this up. It

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<v Speaker 1>is a way that they are communicating with each other.

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<v Speaker 1>You know, it's interesting to hear from and I don't

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<v Speaker 1>know what platform they're using, but to hear from Simon

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<v Speaker 1>Allen about the power of video and the fact that

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<v Speaker 1>he is taping videos that he's pushing out to his

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<v Speaker 1>staff updates. I do think, you know, we get so

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<v Speaker 1>used to seeing people that it is nice to see people.

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<v Speaker 1>It's nice to see you. You know, we have our

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<v Speaker 1>little system here set up. You're the only person that

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<v Speaker 1>I get to see UH on the show, and I

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<v Speaker 1>get to see you roll your eyes. I know you do. Indeed,

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<v Speaker 1>all right, we do want to get to the cover story,

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<v Speaker 1>UH that we said, it is about Zoom, which has

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<v Speaker 1>gone from conferencing app to the coronavirus pandemic social network.

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<v Speaker 1>It has led to a soaring of both usage demand and,

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<v Speaker 1>as I mentioned earlier, zoom stock price. It's also led

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<v Speaker 1>to some concerns about privacy and use of data about

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<v Speaker 1>the app. But we're gonna get into all of this.

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<v Speaker 1>Eric Uan, Uh, you want to excuse me. It's founder

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<v Speaker 1>and CEO of Zoom. He joins us on the phone

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<v Speaker 1>from San Jose, California. Eric, so great to have you

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<v Speaker 1>here with us. Um, welcome to Bloomberg. You, your family,

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<v Speaker 1>everybody's doing okay? Yeah, thank you for having me. Yeah,

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<v Speaker 1>thank you so much. So talk to us about Zoom.

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<v Speaker 1>As I kidded earlier, I didn't know about it. Now

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<v Speaker 1>I've been on many Zoom calls. I've done a yoga class,

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<v Speaker 1>organized family meetings. Uh that where I've got family. I'm

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<v Speaker 1>a large family across the country. Talk to us a

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<v Speaker 1>little a little bit about usage and the demand that

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<v Speaker 1>you're seeing. Yes, well, first full you know, when we

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<v Speaker 1>start it. And prior to these surprises, Zoom were beautiful

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<v Speaker 1>serving the business and interprise customers and recently giving the

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<v Speaker 1>usage from consumers or the consumer use cases. We had

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<v Speaker 1>a two payward right to focus on those branding new users,

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<v Speaker 1>branding new use cases because we really want to help out,

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<v Speaker 1>you know, during the crisis and the uses for sure,

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<v Speaker 1>it's it's much higher than before because you know, branding

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<v Speaker 1>new users, branding new use cases from all over the world,

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<v Speaker 1>and we're working extremely extremely hard and to handle all

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<v Speaker 1>kinds of for its use like a capacity, the consumer

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<v Speaker 1>use case, privacy, and the SWANSUL for us right, And

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<v Speaker 1>I just want to put some numbers, Jason just before

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<v Speaker 1>you jump in, because I know Draken mentioned you guys

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<v Speaker 1>had about ten million daily users in December. That number

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<v Speaker 1>now is Jason about two million. Yeah, it's amazing. And

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<v Speaker 1>so how do you cope with that? Eric? And in

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<v Speaker 1>terms of just the physical capacity the infrastructure that you

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<v Speaker 1>needed to get online and presumably get online very fast.

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<v Speaker 1>And first of all, it's extremely extremely hard. We have

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<v Speaker 1>to train the software, but it was more important that

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<v Speaker 1>actually really really preciated a two of our partners. With

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<v Speaker 1>all of those two partners, well, I think we cannot survive,

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<v Speaker 1>you know, every night when you need ddit, you know,

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<v Speaker 1>saws out in the service. And then Andy the CEU

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<v Speaker 1>of A W. S. Amazon. You know, it did a

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<v Speaker 1>great job because the team structure really haled us, and

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<v Speaker 1>the Oracle Larry and A Suffer their Utible club also

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<v Speaker 1>haled us a lot. I think those two greater partners

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<v Speaker 1>and really help us to scale our backing and give

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<v Speaker 1>us a more compacity Without an Amazon, without an Oracle,

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<v Speaker 1>I think you know we are we already have a

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<v Speaker 1>huge full. Well, it's interesting. I mean it sounds like

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<v Speaker 1>you you went right to the top there. I mean

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<v Speaker 1>that just sort of shows you the the interest in

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<v Speaker 1>this in in many ways and the importance of your

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<v Speaker 1>partnership for those companies they see you as as obviously

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<v Speaker 1>just driving a huge part of the economy that has

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<v Speaker 1>gone virtual rather than than physical. It sounds like you

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<v Speaker 1>are right. I would say I would be able to

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<v Speaker 1>credit it. You know, the Amazon and Oracle. They you know,

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<v Speaker 1>especially Oracle, they did it procatively in order for for

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<v Speaker 1>any business. They just want to help because this is

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<v Speaker 1>a you know, crisis. You know, they wanted to all

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<v Speaker 1>they can to help. They look at what do we need?

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<v Speaker 1>They did everything proacatively to help us, you know ND

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<v Speaker 1>as well the Amazon as well. I think this is

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<v Speaker 1>the time to show the corporate social responsibility and nobody

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<v Speaker 1>is talking about you know, seals, the marketing or anything else.

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<v Speaker 1>This is a greater, you know, a greater role model

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<v Speaker 1>for many companies to follow. So Eric, you know, the

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<v Speaker 1>usage numbers and the increases are just unbelievable. Uh, And

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<v Speaker 1>I am curious how much of what's happening today do

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<v Speaker 1>you think translates into longer term usage trends, especially once

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<v Speaker 1>we get on the other side of the virus. That's

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<v Speaker 1>a great question for now, and we really really do

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<v Speaker 1>not think about that. The reason why now the number

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<v Speaker 1>of priorities maxtro sory that existing uses fixed, all the privacy,

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<v Speaker 1>any potential security use and because this is a critical time,

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<v Speaker 1>this is a crisis. As long as we can keep

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<v Speaker 1>the currnity you know, working from home already ware charity

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<v Speaker 1>to have every Americans and you know, okay at a

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<v Speaker 1>home and also make sure the hype of the economy

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<v Speaker 1>that's our top of arty regarding the future and what's

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<v Speaker 1>going to happen with really the doll folks on that.

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<v Speaker 1>We also do not the folks on monetization either. I

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<v Speaker 1>think it's time for us to really help out to

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<v Speaker 1>help the economy, to help the society. So, Eric, what

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<v Speaker 1>we have to talk about the education side of this UM.

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<v Speaker 1>I know that you have taken some criticism here in

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<v Speaker 1>New York City and elsewhere for some privacy concerns, especially

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<v Speaker 1>because it is being used so heavily in a classroom

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<v Speaker 1>of virtual classroom setting. Help us understand what happened and

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<v Speaker 1>what you had to do in response. Yeah, when we started,

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<v Speaker 1>actually we jumped on the uh you know, too quickly

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<v Speaker 1>because Friday school shot down. Were working so hard all

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<v Speaker 1>the way we can. Hey, let's do something to have

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<v Speaker 1>the new community and ad a capacity. Let's all for

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<v Speaker 1>the free caredle school access. I think we have a

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<v Speaker 1>good intention. Unfortunately, you know, our service was beautiful serving

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<v Speaker 1>indervise customers. We have all kinds of security features beauty

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<v Speaker 1>in normally the enterprise I T team, they will decide

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<v Speaker 1>which feature to enable, which features to visible and treat

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<v Speaker 1>the users before they come on board. And for those

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<v Speaker 1>of schools. So I think we many mistake. You know,

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<v Speaker 1>we should not not only do we offer service, but

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<v Speaker 1>also shouldn't play a I T room for them. You know,

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<v Speaker 1>on de Went we should enable password. On devent we

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<v Speaker 1>should have disable. Attendee shared on de went we shouldn't

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<v Speaker 1>enable waiting room, but afther to learn that we took

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<v Speaker 1>you know, we took quick actions already and this issue,

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<v Speaker 1>those issues already fixed. And but New York in the cities,

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<v Speaker 1>public school where steering the process working together with them

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<v Speaker 1>because you know a lot of public schools and in

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<v Speaker 1>New York they all working workers, gather with us directly

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<v Speaker 1>and if they wanted to manage, you know, more like

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<v Speaker 1>manage all the schools with the monster account to make

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<v Speaker 1>sure enforced the security setting right, I think they are

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<v Speaker 1>doing the right scene and then in the process still

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<v Speaker 1>working together with us now, so you know, some of

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<v Speaker 1>the other concerns were I mean, Taiwan was concerned about

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<v Speaker 1>UM data that was going through UM and traffic that

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<v Speaker 1>was going through Chinese data centers. From what I understand,

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<v Speaker 1>you folks have said that you mistakenly sent that traffic

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<v Speaker 1>through UM. Has that stopped completely that company is talked

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<v Speaker 1>about Friday. I want to clarify that it's not all

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<v Speaker 1>every medium center to China. Just that's why people, I

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<v Speaker 1>guess probably agreed that the heightl and news and in

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<v Speaker 1>the future after reread and it's standarbod skiing on hopefully

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<v Speaker 1>have the in the tunity this impact. The problem is

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<v Speaker 1>we have a global dishuman medium center. So if you

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<v Speaker 1>and I would have a meeting here, suppose both of

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<v Speaker 1>us we should connect to our usc defender. But in

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<v Speaker 1>extremity rare casius and then the one for the attendee

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<v Speaker 1>headed a connection problem and will try to many many

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<v Speaker 1>times go back to our back copet, get back competata

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<v Speaker 1>center backup. But data center has a complication problem. And

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<v Speaker 1>also the store in China also there, so meaning in

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<v Speaker 1>the rare where it keeps it. It's by the way,

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<v Speaker 1>it's a random, it's where we're random. Also that's our

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<v Speaker 1>Zoomer China data center. Plus we also know which meeting

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<v Speaker 1>water time, which participant had a connection problem, you know,

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<v Speaker 1>looking through our zoom China data center. We have all

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<v Speaker 1>those information. And this is to already completely fixed, not

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<v Speaker 1>a liken you know, all the data to standards to

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<v Speaker 1>China or in something like this there's a piping. No,

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<v Speaker 1>it's a completed random. We have all those logging data.

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<v Speaker 1>So that's why we have a high competence. I guess

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<v Speaker 1>they may not do that. But now well and let

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<v Speaker 1>me ask you too. I mean, I'm curious what your

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<v Speaker 1>responses to the news that Google, um SpaceX Tesla they're

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<v Speaker 1>not allowing employees to use Zoom because I think some

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<v Speaker 1>of what you said about with privacy concerns or other

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<v Speaker 1>problems is it's because it's non business users who don't

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<v Speaker 1>know how to set things up securely. These are companies

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<v Speaker 1>that certainly know how to do that. So what's your

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<v Speaker 1>response to those companies not allowing their employees to use Zoom? Yes,

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<v Speaker 1>beastly was our customers before and also and I think

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<v Speaker 1>even before this, because you know, we made a mistake,

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<v Speaker 1>you know, our iPhone plan and embedded uh you know

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<v Speaker 1>Facebook as DK and you know some of the you know,

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<v Speaker 1>not a sensitive or personal human mintion, you know, send

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<v Speaker 1>it out And that's the reason why you know, even

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<v Speaker 1>before this, you know this is this they feel like, hey,

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<v Speaker 1>we need to really focus on those kind of problems.

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<v Speaker 1>I think that's why we are going to freeze any

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<v Speaker 1>new features in the three months with double down troop

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<v Speaker 1>down on those uh, you know, the issues. And I

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<v Speaker 1>think we are going to win the truster back and

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<v Speaker 1>you know that's uh, we are going to work at

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<v Speaker 1>ten times harder and to win the trusterback for those users.

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<v Speaker 1>And so Eric, you know, another sort of looking ahead

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<v Speaker 1>question in the sense that I think we all agree

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<v Speaker 1>to some extent or another that our lives, our world

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<v Speaker 1>is fundamentally changed here. And I do wonder as more companies,

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<v Speaker 1>you know, start to think about remote we're thinking about

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<v Speaker 1>changes in commercial real estate. We're thinking about all these

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<v Speaker 1>ways that that our lives have changed, how we communicate personally,

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<v Speaker 1>how we communicate with with business. Look around the corner

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<v Speaker 1>for us, how does this platform, how does your platform change?

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<v Speaker 1>How do you sort of keep ahead of competitors in

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<v Speaker 1>some ways? So that's a great question. I think because

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<v Speaker 1>of this crisis, our copud, this crisis can in the

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<v Speaker 1>world very soon. It's you know, so painful for airbe

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<v Speaker 1>I think after this crisis, I think the way to

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<v Speaker 1>work is very really be very very different. And the

0:11:34.600 --> 0:11:36.960
<v Speaker 1>I will say, you know, to working from a home

0:11:37.240 --> 0:11:40.360
<v Speaker 1>might have become as very common now, right and the

0:11:40.440 --> 0:11:43.000
<v Speaker 1>cost you know, pH now more like a stress test

0:11:43.559 --> 0:11:45.719
<v Speaker 1>to see if it's working from the home works on

0:11:45.800 --> 0:11:48.679
<v Speaker 1>not I think it does to some extent. So and

0:11:48.800 --> 0:11:51.240
<v Speaker 1>also the consumer use case and ability to use case.

0:11:51.600 --> 0:11:54.160
<v Speaker 1>I think the bondary is not you know where you know,

0:11:54.480 --> 0:11:56.959
<v Speaker 1>the career anymore. So that's why we need to really

0:11:57.000 --> 0:11:59.240
<v Speaker 1>think about. You know, on the one hand, we keep

0:11:59.280 --> 0:12:02.640
<v Speaker 1>serving our big in the best customer that's our focus.

0:12:02.679 --> 0:12:06.040
<v Speaker 1>And also given that so many consumer use cases, you know,

0:12:06.080 --> 0:12:08.320
<v Speaker 1>how to make sure we really balanced that it really

0:12:08.320 --> 0:12:11.760
<v Speaker 1>fixed on privacy, really consecurity. Right, this is something you know,

0:12:11.800 --> 0:12:14.480
<v Speaker 1>it's overnight. You know, we are facing this kind of

0:12:14.520 --> 0:12:18.280
<v Speaker 1>problem and it's pretty tough, and we're taking these kind

0:12:18.280 --> 0:12:21.760
<v Speaker 1>of things where versus so in terms of the privacy concerns.

0:12:21.760 --> 0:12:24.400
<v Speaker 1>And also there were concerns about you sharing, you know,

0:12:24.480 --> 0:12:27.800
<v Speaker 1>Zoom sharing data with other companies. Um, I think whether

0:12:27.840 --> 0:12:31.520
<v Speaker 1>it was Facebook and some others, Um is that not happening?

0:12:33.000 --> 0:12:35.880
<v Speaker 1>So the Facebook issues already fixed, I would realize in

0:12:35.960 --> 0:12:38.520
<v Speaker 1>two weeks ago and within twenty four hours were to

0:12:38.559 --> 0:12:41.439
<v Speaker 1>fix that. Essentially. That's uh, we invented the Facebook a

0:12:41.520 --> 0:12:45.120
<v Speaker 1>SDK into our iPhone clad and we did not know.

0:12:45.400 --> 0:12:47.920
<v Speaker 1>We did not know when we initialize as TK. You know,

0:12:47.960 --> 0:12:49.880
<v Speaker 1>some of the device in the mission again not a

0:12:49.920 --> 0:12:53.480
<v Speaker 1>personal sensitive emission and stand it to the Facebook. So

0:12:53.760 --> 0:12:55.640
<v Speaker 1>we do not know that it's more like the software book.

0:12:55.720 --> 0:12:59.520
<v Speaker 1>We always completely fixed that within twenty four hours. And yeah,

0:12:59.640 --> 0:13:02.760
<v Speaker 1>so that easy order fixed. So we never wanted we

0:13:03.000 --> 0:13:05.760
<v Speaker 1>we never have any intention to sell any consummate dangers

0:13:05.800 --> 0:13:09.839
<v Speaker 1>with any other sort of party. So how do you

0:13:10.080 --> 0:13:13.320
<v Speaker 1>I mean, I guess another future looking question here, Eric,

0:13:13.440 --> 0:13:15.560
<v Speaker 1>This is a question that we're asking so many leaders

0:13:15.960 --> 0:13:20.520
<v Speaker 1>that we talked to, entrepreneurs, investors, college presidents, everyone. We

0:13:20.640 --> 0:13:23.040
<v Speaker 1>just spoke with the CEO of McGraw hill, who obviously

0:13:23.240 --> 0:13:26.600
<v Speaker 1>is very familiar with your work being in the education space,

0:13:26.679 --> 0:13:29.560
<v Speaker 1>and and we do wonder what does the world look

0:13:29.640 --> 0:13:31.439
<v Speaker 1>like on the other side of this. You know, you

0:13:31.520 --> 0:13:35.360
<v Speaker 1>mentioned work changing, you mentioned our our lives changing. But

0:13:35.480 --> 0:13:38.720
<v Speaker 1>what are some ways maybe that we're underappreciating in terms

0:13:38.760 --> 0:13:41.240
<v Speaker 1>of how the world will be different as we start

0:13:41.320 --> 0:13:44.920
<v Speaker 1>to figure out this new normal. H That's a great

0:13:45.040 --> 0:13:47.360
<v Speaker 1>question for now, actually for us, you know, seriously, we

0:13:47.480 --> 0:13:50.439
<v Speaker 1>just you know, get a bit and make sure service

0:13:50.600 --> 0:13:53.600
<v Speaker 1>people service off. And also baber Don Trooper, don't our

0:13:53.800 --> 0:13:58.160
<v Speaker 1>investment of privacy and new with any potential security issues

0:13:58.720 --> 0:14:01.599
<v Speaker 1>and all then those two things and uh, we we

0:14:01.800 --> 0:14:04.360
<v Speaker 1>are really don't all have abandonmy is a single of that.

0:14:04.480 --> 0:14:09.040
<v Speaker 1>It's because this is full of uncertainty. This is unpreced innate,

0:14:09.240 --> 0:14:12.520
<v Speaker 1>and it's really hard. I know, everything is it's struggled.

0:14:12.800 --> 0:14:15.800
<v Speaker 1>We also struggled right through the kind of never realized

0:14:15.840 --> 0:14:17.959
<v Speaker 1>this kind of a youth case and the trafficer. So

0:14:18.040 --> 0:14:20.440
<v Speaker 1>we we really do not have Bandamy is single. Would

0:14:20.560 --> 0:14:23.680
<v Speaker 1>you know the future? Just you know, folcus on today,

0:14:23.840 --> 0:14:25.840
<v Speaker 1>you know, keep a service off. But wait a minute,

0:14:25.880 --> 0:14:28.000
<v Speaker 1>Wait a minute, Eric, you are someone who you know,

0:14:28.200 --> 0:14:30.800
<v Speaker 1>anticipated the future that we would need a service like

0:14:30.920 --> 0:14:34.440
<v Speaker 1>this that was easily usable. Do you anticipate though, that

0:14:34.560 --> 0:14:36.760
<v Speaker 1>maybe when we get on the other side of the virus,

0:14:36.880 --> 0:14:39.400
<v Speaker 1>that we do have a world where more people are

0:14:39.520 --> 0:14:42.440
<v Speaker 1>much more comfortable talking this way. There's got to be

0:14:42.600 --> 0:14:45.560
<v Speaker 1>some you know, you know, put on your futurist hats

0:14:45.920 --> 0:14:48.440
<v Speaker 1>at some point you know that you see, you know,

0:14:48.600 --> 0:14:52.440
<v Speaker 1>a different kind of future, or do you not. That's

0:14:52.480 --> 0:14:54.640
<v Speaker 1>a great point. You're so right. We should and we

0:14:54.720 --> 0:14:56.600
<v Speaker 1>really we should. But for now, we just you know,

0:14:56.800 --> 0:14:58.520
<v Speaker 1>you know, put all the effort, you know, focus on

0:14:58.600 --> 0:15:02.160
<v Speaker 1>the scitability and privates and you know, as I mentioned earlier,

0:15:02.480 --> 0:15:04.840
<v Speaker 1>but this is a great point. I think you are

0:15:04.960 --> 0:15:07.280
<v Speaker 1>right home. But this shouldn't be something we needed to

0:15:07.440 --> 0:15:09.920
<v Speaker 1>think about it, you know where very quickly and seriously,

0:15:10.160 --> 0:15:11.560
<v Speaker 1>I do want to ask you one thing because I

0:15:11.600 --> 0:15:14.040
<v Speaker 1>am looking. You know, we're Bloomberg. We love numbers. You know,

0:15:14.160 --> 0:15:16.400
<v Speaker 1>you are a company now with a thirty four billion

0:15:16.440 --> 0:15:20.000
<v Speaker 1>dollar market cap at about six hundred and twenty two

0:15:20.080 --> 0:15:24.320
<v Speaker 1>million in revenue. What is necessary for you to really

0:15:24.440 --> 0:15:28.960
<v Speaker 1>grow into um that market cap valuation? What do we

0:15:29.040 --> 0:15:31.880
<v Speaker 1>need to see from Zoom in the next six or

0:15:31.920 --> 0:15:35.000
<v Speaker 1>twelve months for that to be justified? Because if you

0:15:35.040 --> 0:15:37.320
<v Speaker 1>look at a pe ratio, it just doesn't make sense

0:15:37.360 --> 0:15:38.880
<v Speaker 1>at this point. So what do you need to do

0:15:39.600 --> 0:15:42.440
<v Speaker 1>to really grow those revenues to grow into that market cap?

0:15:44.080 --> 0:15:46.840
<v Speaker 1>You know, I'm essentially I'm an engineer, right, so I'd

0:15:46.840 --> 0:15:49.120
<v Speaker 1>like to focus on something you know that it can

0:15:49.200 --> 0:15:51.360
<v Speaker 1>be and the our control for anything that out of

0:15:51.440 --> 0:15:54.000
<v Speaker 1>our control. I really do not know what had happened,

0:15:54.080 --> 0:15:56.120
<v Speaker 1>you know, even last year, you know, we've been a

0:15:56.200 --> 0:15:59.560
<v Speaker 1>public and a publicly mention, you know, and the stock

0:15:59.600 --> 0:16:03.280
<v Speaker 1>price high. Seriously, I had no idea, and maybe everybody

0:16:03.280 --> 0:16:05.400
<v Speaker 1>to think that the future is about a video communication

0:16:05.800 --> 0:16:08.040
<v Speaker 1>or not, I should have certainly I had no idea.

0:16:08.760 --> 0:16:10.720
<v Speaker 1>If you ask for me, I posted to think that

0:16:11.240 --> 0:16:14.520
<v Speaker 1>stop prices. It's so high. I mentioned that last year

0:16:14.520 --> 0:16:17.080
<v Speaker 1>I would have been the public already, and I keep

0:16:17.240 --> 0:16:19.280
<v Speaker 1>mentioning that, you know, for now it's still high. You know,

0:16:19.440 --> 0:16:21.920
<v Speaker 1>I think you look at the p you're so right,

0:16:22.480 --> 0:16:25.720
<v Speaker 1>and this is a number just ridiculous. I and again,

0:16:25.840 --> 0:16:28.360
<v Speaker 1>this is all of our contol I never pretty attention

0:16:28.400 --> 0:16:30.800
<v Speaker 1>to stop right. I would say, just to focus on

0:16:30.840 --> 0:16:33.440
<v Speaker 1>the usual experience, focused on you know, make sure our

0:16:33.760 --> 0:16:36.680
<v Speaker 1>customer happy. And the store prices will be taken care

0:16:36.680 --> 0:16:38.960
<v Speaker 1>of in the future, but for the time being, we

0:16:39.120 --> 0:16:41.320
<v Speaker 1>just to keep it working hard, focus on long term

0:16:41.440 --> 0:16:44.040
<v Speaker 1>shareholder value. But the sort of the stop price, I

0:16:44.200 --> 0:16:47.720
<v Speaker 1>really don't understand, really or not. All right, We're gonna

0:16:47.760 --> 0:16:49.720
<v Speaker 1>leave it here. We really appreciate your time today. Eric

0:16:49.800 --> 0:16:52.840
<v Speaker 1>Juwan is founder and CEO of zoom h. It's a

0:16:52.880 --> 0:16:55.200
<v Speaker 1>company everybody is talking about. It's the cover story of

0:16:55.280 --> 0:16:57.680
<v Speaker 1>Business Week this week. And I have to say good

0:16:57.720 --> 0:17:01.480
<v Speaker 1>for him for taking a lot of of stuff head on,

0:17:02.080 --> 0:17:04.119
<v Speaker 1>you know. I I have to say a lot of

0:17:04.200 --> 0:17:07.679
<v Speaker 1>CEOs in this situation taking the criticism U that they

0:17:07.840 --> 0:17:11.359
<v Speaker 1>have UH would sort of shrink back, and he is

0:17:11.400 --> 0:17:14.200
<v Speaker 1>taking it head on and answering all the questions, and

0:17:14.600 --> 0:17:16.840
<v Speaker 1>you know, this is a guy who certainly gives the

0:17:16.880 --> 0:17:19.960
<v Speaker 1>impression that he's doing his best to solve these problems girl. Right,

0:17:20.000 --> 0:17:22.359
<v Speaker 1>And with a technology company, you know, often something's out

0:17:22.400 --> 0:17:24.760
<v Speaker 1>there for a while, you work out the kinks in it, right,

0:17:24.880 --> 0:17:27.080
<v Speaker 1>that's just the way it happens. And it's with a

0:17:27.160 --> 0:17:29.480
<v Speaker 1>smaller pool of users and they figure it out. And

0:17:29.960 --> 0:17:32.880
<v Speaker 1>no small pool of users here, no, exactly right, it's

0:17:32.960 --> 0:17:36.720
<v Speaker 1>just you know, UM taken off exponentially in terms of

0:17:36.760 --> 0:17:39.440
<v Speaker 1>the number of users, and so the problems are also

0:17:39.560 --> 0:17:41.720
<v Speaker 1>going to be exacerbated and we're going to hear a

0:17:41.760 --> 0:17:44.240
<v Speaker 1>lot about them. But I am I agree with you, Jason.

0:17:44.320 --> 0:17:47.639
<v Speaker 1>I'm really impressed to hear a CEO who just says, Okay,

0:17:47.840 --> 0:17:49.680
<v Speaker 1>you know, we messed up some things. We're working on it.

0:17:49.760 --> 0:17:52.840
<v Speaker 1>We we addressed it. Because that's reality. We can all

0:17:52.920 --> 0:17:55.439
<v Speaker 1>relate to that. Yeah, it's refreshing when when the CEO

0:17:55.560 --> 0:17:57.200
<v Speaker 1>comes on our show and basically says, yeah, we made

0:17:57.200 --> 0:17:59.080
<v Speaker 1>a mistake, we messed that up, and then we fixed

0:17:59.119 --> 0:18:00.760
<v Speaker 1>it and we're doing our best. We're talking to this person.

0:18:00.800 --> 0:18:02.480
<v Speaker 1>We're talking to that person to hear him talk about

0:18:02.520 --> 0:18:04.520
<v Speaker 1>the stock price, right and say you know it's too

0:18:04.560 --> 0:18:08.040
<v Speaker 1>high ridiculous. Yeah, I'm going to tweet out exactly because

0:18:08.080 --> 0:18:11.840
<v Speaker 1>it was pretty impressive. Alright, you're listening to Bloomberg business Week.

0:18:11.920 --> 0:18:14.440
<v Speaker 1>I'm Carol Masser along with Jason kelly Er. Thanks again

0:18:14.520 --> 0:18:17.560
<v Speaker 1>to uh Eric Uuan, the founder and chief executive officer

0:18:17.680 --> 0:18:20.280
<v Speaker 1>of zoom. It is the cover story of Bloomberg Business

0:18:20.320 --> 0:18:23.879
<v Speaker 1>Week magazine. I highly recommend, written by Drake Bennett and

0:18:23.920 --> 0:18:26.439
<v Speaker 1>Nico grant Um. Definitely check it out because a very

0:18:26.480 --> 0:18:28.399
<v Speaker 1>smart story and you learn a lot about that company.