Business is

zooming. In its earnings report on Monday, Zoom Video Communications said its total revenue for the second quarter was $663.5 million, up 355% compared to the same period last year. The company also raised its revenue forecast for the full fiscal year to about $2.4 billion. As organizations around the world turned to remote work solutions this year to keep their operations up and running during the coronavirus pandemic, Zoom has been in a prime position to benefit from the soaring demand for videoconferencing software.

• Market reaction: Zoom’s shares surged more than 40% on Tuesday, bringing its market cap to $129 billion. The stock is now up more than 570% since the beginning of the year, reflecting the company’s smashing success in becoming a household name.
  
• In other news: Thanks to the ongoing rally in tech stocks, the S&P 500 and Nasdaq closed at record highs. Apple, which performed a 4-for-1 stock split on Monday, jumped about 4% and hit a fresh all-time high. Promising economic data and progress toward stimulus talks also boosted the market sentiment.