Daily reviews

02.06.2021

Zoom beats estimates, forecasts upbeat revenue

Zoom beats estimates, forecasts upbeat revenue

Revenue in the first quarter ended April 30 rose to $956.2 million from $328.2 million

Stocks impacted: Zoom Video Communications Inc (ZM)

Zoom reported its first-quarter earnings, beating analysts' expectations with revenue soaring 191% year-over-year. Revenue in the first quarter ended April 30 rose to $956.2 million from $328.2 million a year earlier. The video conferencing company benefitted from steady demand for its video-conferencing platform as people wary of the pandemic continued school and work from home. The company’s gross margin widened to 73.9% from 69.4% in the previous quarter. Zoom said it expects $1.14 to $1.15 in adjusted earnings per share on $985 million to $990 million in revenue in the fiscal second quarter. The firm’s stocks finished 1.15% lower overnight before rising over 4% in extended trading after initially falling as much as 5%.

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