Zoom stock jumps 20% on earnings beat, raised profit forecast
Zoom Video Communications Inc. shares soared in the extended session Monday after the videoconferencing company topped Wall Street’s earnings expectations and said it expects to be more profitable this year than it had initially expected.
The company reported first-quarter net income of $113.6 million, or 37 cents a share, compared with $227.4 million, or 74 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $1.03 a share, compared with $1.32 a share in the year-ago period.Analysts surveyed by FactSet had forecast earnings of 88 cents a share on revenue of $1.07 billion, based on Zoom’s forecast of 86 cents to 88 cents a share on revenue of $1.
“Additionally in Q1, we delivered revenue of over $1 billion driven by ongoing success in Enterprise, Zoom Rooms and Zoom Phone, which reached 3 million seats during the quarter,” Yuan said.Zoom forecast earnings of 90 cents to 92 cents a share on revenue of about $1.12 billion for the second quarter, while analysts expected 88 cents a share on revenue of $1.11 billion.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
20 years after spate of hospital deaths, ex-worker accusedIn the five months that Jennifer Anne Hall was a respiratory therapist at Hedrick Medical Center, the rural Missouri hospital experienced 18 “code blue” incidents — an alarming increase in sudden cardiac arrest events for a hospital that historically averaged one of them a year, according to a police investigator.
Read more »
Track and field Top 20 boys and girls rankings for May 20: County championship cause for changeAnother week of county championship meets has altered the stock of several boys and girls teams.
Read more »
20 Best Father’s Day Gift Ideas to Shop from AmazonFrom brand new Beats headphones to stylish swim trunks and a vinyl record player, this Father’s Day, treat dad to something extra special.
Read more »
20-year-old killed in San Bernardino party shooting was there after receiving flyer, family saysAs a makeshift memorial begins to grow, family members and loved ones are remembering the 20-year-old killed during a shooting at a party in San Bernardino. 'He was doing good,' said the victim's aunt. 'A good kid.'
Read more »
The 20 best H-E-B stores in San AntonioThe Alamo City loves H-E-B, and for good reason. The San Antonio-based grocery chain is renowned for great product selection, items tailored to Texan tastes and delivering an excellent shopping experience. The latter holds true whether you get your groceries in store or via the company's curbside or delivery services.
Read more »