Zoom revenue grew 169% during the quarter, and the company doubled its revenue guidance for the year
Zoom reported revenue growth of 169% from the previous year in its first-quarter earnings report on Tuesday, and nearly doubled its revenue guidance for the full year, as the coronavirus pandemic drove millions of new customers to the video calling service and turned it into a household name.
Shares fell 4% in after-hours trading during the company’s earnings call, however, as it revealed higher-than-expected cloud computing costs to deal with the surge in demand.
Here’s how the company did:
- Earnings: 20 cents per share, adjusted
- Revenue: $328.2 million
Analysts surveyed by Refinitiv had expected 9 cents in adjusted earnings per share and $202.7 million in revenue for the quarter, which ended Apr. 30. Comparing analysts’ estimates with results is not necessarily straightforward given the unpredictable effects of the pandemic during the quarter.
The company also significantly increased its guidance for the fiscal year. It now expects $1.21 to $1.29 …continued .
[Source: CNBC News]