Zoom Video Communications, Inc. (NASDAQ: ZM) released its first fiscal quarter earnings ending on April 30, 2021 post-market today resulting in a 1.9% stock price jump in the after-hours as inventors warm up to the Company’s better-than-expected earnings.
Total revenue rose up 191% YoY to USD 956.2 Million. Total revenue was expected to be USD 910.2 Million which beat Bloomberg analysts’ expectations by USD 46 Million. The adjusted earnings per share were USD 1.32. The expected adjusted earnings per share were USD 0.99 which beat expectations by USD 0.33 per share.
Eric Yuan, Zoom’s Chief Operating Officer said, “We kicked off the fiscal year with a very strong first quarter, posting 191% total year-over-year revenue growth combined with strong profitability and cash flow. Our steadfast commitment to empowering customers to work and learn from anywhere with our expansive, innovative, and frictionless video communications platform continued to drive our results.”
It seems like Zoom’s commitment is working.
The Company’s ideal customers are companies that have greater than 10 employees and companies that paid more than USD 100 Thousand trailing 12 months. According to the earnings report, there were 497,000 customers with greater that 10 employees which is up roughly 87% compared to last year’s first quarter. There were 1,999 customers who paid more than USD 100 Thousand trailing 12 months, which is up 160% compared to last year’s first quarter.