Zoom Video Communications (ZM) Shares Soar on Earnings Beat

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In a note to investors on August 17, RBC analyst Alex Rubin wrote that Zoom had 148.4 million average monthly active users during the quarter, an increase of 4,700% year-over-year. His number was based on data from SensorTower, an app analytics start-up.

Earnings and revenue outlook

In a statement, Zoom Founder and CEO, Eric S. Yuan said, “Organizations are shifting from addressing their immediate business continuity needs to supporting a future of working anywhere, learning anywhere, and connecting anywhere on Zoom’s video-first platform.”

“Our ability to keep people around the world connected, coupled with our strong execution, led to revenue growth of 355% year-over-year in Q2 and enabled us to increase our revenue outlook to approximately $2.37 billion to $2.39 billion for FY21, or 281% to 284% increase year-over-year.”

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The company is expecting its non-GAAP diluted earnings per share (EPS) to be between $2.40 and $2.47 for FY21.

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