ZMZoom Video Communications Inc. founder and CEO Eric Yuan at the company’s IPO at Nasdaq MarketSite in New York, April 18, 2019.Victor J. Blue | Bloomberg | Getty Images
Zoom reported better-than-expected first-quarter results Tuesday, with sales growth of 191%. The shares rose 2% in extended trading after initially falling as much as 5% on concerns of a looming slowdown.
Here’s how the company did:
Earnings: $1.32 per share, adjusted, vs. 99 cents per share as expected by analysts, according to Refinitiv.Revenue: $956.2 million, vs. $906.0 million as expected by analysts, according to Refinitiv.
Revenue in the quarter, which ended on April 30, jumped from $328.2 million a year earlier, according to a statement. In the previous quarter revenue rose 369% as the company lapped the onset of the coronavirus pandemic in the U.S., which brought in millions of new users.
Zoom said it expects $1.14 to $1.15 in adjusted earnings per share on $985 million to $990 million in revenue in the fiscal second quarter. Analysts polled by Refinitiv had expected adjusted earnings of 94 cents per share and $931.8 million in revenue.
For the full 2022 fiscal year, Zoom now sees $4.56 to $4.61 in adjusted earnings per share and $3.98 billion