Zoom Video (NASDAQ:ZM) earnings for the communication company’s fiscal first quarter of 2021 have ZM stock heading higher after hours on Tuesday. That’s due to its adjusted earnings per share of 20 cents beating out Wall Street’s estimate of 9 cents. Its revenue of $328.17 million also easily outdoes analysts’ estimates of $202.48 million.
Here are some additional highlights from the most recent Zoom Video earnings report.
- Adjusted per-share earnings are up 566.7% from 3 cents in the fiscal first quarter of 2020.
- Revenue for the quarter comes in 169% higher than the $121.99 million reported during the same time last year.
- Operating income of $23.39 million is a 1,399.4% increase year-over-year from $1.56 million.
- The Zoom Video earnings report also has it bringing in a net income of $27.08 million.
- That’s a 1,125.3% jump compared to its net income of $2.21 million from the same period of the year prior.
Eric Yuan, founder and CEO of Zoom Video, said this in the current earnings report.
“We were humbled by the accelerated adoption of the Zoom platform around the globe in Q1. The COVID-19 crisis has driven higher demand for distributed, face-to-face interactions and collaboration using Zoom. Use cases have grown rapidly as people integrated Zoom into their work, learning, and personal lives.”
Zoom Video also provides an outlook for fiscal 2021 in its earnings report. This has it expecting an adjusted EPS of $1.21 to $1.29 on revenue of $1.775 billion to $1.8 billion. For comparison, Wall Street is estimating adjusted EPS of 45 cents on revenue of $934 million for the year.
ZM stock was up 2.7% after markets closed on Tuesday and was up 1.93% at the close of the day.
As of this writing, William White did not hold a position in any of the aforementioned securities.