Blowout earnings for Zoom

Blowout earnings for Zoom

The cloud-based video conferencing service reported fiscal 2022 first-quarter results that blew estimates away

For the quarter that ended on April 30, Zoom revealed an adjusted EPS of $1.32 on revenues of $956.2 million. The company beat by far analysts’ expectations of earnings-per-share of 99 cents and revenues of $906 million. Its revenue jumped from $328.2 million reported at the same time last year.

The company stated that the results are due to the optimization of public cloud resources. Its Zoom Phone product – including cloud-based phone services, video calls, and many more features – had 1.5 million seats at the end of April, higher than 1 million reported in January.

In the fiscal second quarter, Zoom expects its adjusted EPS to reach a high of $1.15, while the revenue is seen at $990 million. For the full fiscal year, the company sees a 50% revenue growth from last year’s numbers as expansion drops.

After the news hit the wires, Zoom stock price rose 4%. Regardless of the latest market movements, its shares went down approx. 3% since the beginning of the year, while USA500 added almost 12%.

Source: cnbc.com

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