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03.06.2020

Zoom reports strong revenue growth due the coronavirus pandemic

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The company nearly doubled its revenue guidance for the full year

Stocks impacted: Zoom Video Communications, Inc. (ZM)

In its first-quarter earnings report, Zoom reported revenue growth of 169% from the previous year as the coronavirus pandemic drove a great number of new customers to the video calling service. Zoom’s revenue for its fiscal first-quarter between February and April came in at $328 million, turning a profit of $27m compared with $198,000 a year ago. The company also reported $0.20 per-share in adjusted profit during the three-month period. Zoom grew 78% in its preceding quarter on an annualized basis. Furthermore, the company nearly doubled its revenue guidance for the full year. Zoom raised its full-year revenue forecast to a range of $1.78 billion to $1.80 billion from $905 million to $915 million.The company’s stock that has already more than tripled in price so far this year, rallied nearly 2% overnight and could extend gains on Wednesday.

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