Zoom Video Communications (ZM) Shares Soar on Earnings Beat
Business ı By Marivic Cabural Summers
554 0 Comments
The stock price of Zoom Video Communications (NASDAQ: ZM) is surging after the company reported strong second-quarter financial performance.
During the extended trading on Monday, ZM shares rose as much as 25%. Today, it is trading around $449.44 per share, up more than 38% at the time of this writing around 1:18 PM EDT.
Obviously, investors are very optimistic about Zoom going forward since it reported second-quarter earnings and revenue that beat the estimate of Wall Street analysts.
Zoom second-quarter financial performance
During the quarter, Zoom posted $0.92 in earning per share, higher than the $.045 per share expected by analysts, according to Refinitiv.
Its revenue was $663.5 million, higher than the $500.5 million expected by analysts, according to Refinitiv.
In the same period last year, Zoom posted earnings of $0.08 per share. Thus, its earnings climbed 1,050% on an annual basis.
The company’s revenue increased by 355% from $145.5 million in the same quarter a year ago.
Zoom gained more customers amid the COVID-19 pandemic as government officials worldwide ordered their residence to stay at home to prevent the spread of the disease. People had no choice but to use technologies that would allow them to meet and collaborate virtually.
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.”
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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