Communications company Zoom Video Communications ZM reported first-quarter financial results after the market close Monday. Here are the key highlights.
What Happened: Zoom reported first-quarter total revenue of $1.11 billion, which was up 3% year-over-year. The revenue total beat a Street estimate of $1.08 billion, according to data from Benzinga Pro.
The company reported first quarter earnings per share of $1.16, which beat a Street consensus estimate of 99 cents per share.
The company reported enterprise revenue of $632 million, which was up 13% year-over-year. Online revenue was $473.4 million in the first quarter, which was down 8% year-over-year.
Zoom ended the quarter with 3,580 customers that represent $100,000 in trailing 12-month revenue, up 23% year-over-year.
Enterprise customers numbered around 215,900 in the first quarter, which was up 9% year-over-year.
“Our customers see Zoom as mission-critical in how they collaborate internally and externally across the globe,” Zoom CEO Eric Yuan said.
“This relationship with our customers helped up to exceed our guidance due to Enterprise growth and stabilizing Online revenue while driving greater efficiencies in our business to deliver strong profitability and free cash flow.”
Related Link: Did You Know Zoom Has Beat Earnings Every Quarter Since Its IPO?
What’s Next For Zoom: The company sees second-quarter revenue coming in a range of $1.11 billion to $1.115 billion. The company expects second-quarter earnings per share to be in a range of $1.04 to $1.06.
For the full fiscal year, Zoom is guiding for adjusted revenue to be in a range of $4.495 billion to $4.515 billion. Full-year earnings per share are expected in a range of $4.25 to $4.31.
“The solid start to the year has enabled us to raise our outlook for fiscal year 2024 while continuing to invest in innovations such as AI to help make interactions more meaningful and communications more effective,” Yuan said.
ZM Price Action: Zoom shares are up 5% to $75.20 in after-hours trading Monday.
Read Next: Zoom Video Stock Zooms Higher After Q4 Earnings
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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