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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.

The company’s earnings were $0.03 per share, higher than the analysts’ expectations of just under one cent per share.

Zoom's operating income was $8.2 million compared to an operating loss of $0.8 million in the same period in its fiscal 2019. Its operating margin was 6.7 percent. Its free cash flow improved from negative $1.1 million to $15.3 million year-over-year.

By the end of the quarter, Zoom customers increased 86 percent to 58,600. It has 405 customers contributing over $100,000 in trailing 12 months revenue.

Zoom ended the quarter with 737.2 million in total cash, cash equivalents and marketable securities. The amount included $545 million in proceeds from its IPO and private placement, net of underwriting discounts and commissions and other offering costs.

Financial outlook

In the second quarter, Zoom is expecting to generate total revenue of around $129 to $130 million and earnings of around $0.01 to $0.02 per share.

For the full fiscal 2020, the company is expecting to achieve total revenue of around $535 to $540 million and earnings of approximately $0.02 to $0.03 per share.