The stock price of Zoom Video Communications (NASDAQ: ZM) soared after reporting its fiscal 2020 first quarter financial results that surpassed the expectations of Wall Street analysts.
On Tuesday, ZM shares closed $79.43 each, up by 1.78 percent. After-hours, the stock gained another 10.79 percent to $88 per share.
Since its market debut in April, Zoom’s stock already gained 144 percent from its IPO price of $36 per share. The video conferencing company’s market value is now $20.36 billion, according to data from Google Finance.
In a statement, Zoom President and CEO Eric S. Yuan, said, “In our first quarter as a public company, strong execution and expanding adoption of Zoom’s video-first unified communications platform drove total revenue growth of 103% year-over-year. While we remain focused on strong growth, we are also pleased that our highly efficient business model and disciplined investment approach contributed to positive non-GAAP profitability and free cash flow.”
Zoom financial performance
During the first quarter, Zoom achieved total revenue of $122 million, an increase of 103 percent year-over-year. Wall Street analysts expected the company to report $11.7 million in revenue.