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Zoom Reports First Quarter Results, Beats Estimates
Zoom reported its first quarter results, beating estimates amid strong growth in revenue and customers.
The company reported revenue of $956.2 million, an increase of 191% year over year. Customers contributing more than $100,000 in yearly revenue was up roughly 160%, at 1,999. Zoom also reported 497,000 with more than 10 employees, an increase of 87% from the year-ago quarter.
Analysts were expecting yearly revenue to come in at $3.8 billion and $3.77 a share. Instead, Zoom raised its revenue guidance to between $3.975 billion and $3.99 billion, and earnings per share between $4.56 and $4.61.
“We kicked off the fiscal year with a very strong first quarter, posting 191% total year-over-year revenue growth combined with strong profitability and cash flow. Our steadfast commitment to empowering customers to work and learn from anywhere with our expansive, innovative, and frictionless video communications platform continued to drive our results. With this solid start, we are pleased to raise our total guidance range to $3.975 billion to $3.990 billion for the full fiscal year,” said Zoom founder and CEO, Eric S. Yuan. “We have also opened our technology portfolio to developers through our powerful video SDK and to businesses to expand their reach through Zoom Events. Work is no longer a place, it’s a space where Zoom serves to empower your teams to connect and bring their best ideas to life. We are energized to help lead the evolution to hybrid work that allows greater flexibility, productivity, and happiness to both in-person and virtual connections.”
Zoom Reports First Quarter Results, Beats Estimates
Matt Milano
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