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Zoom shares rise 16pc as first-quarter earnings beat expectations
For the second quarter, Zoom now expects revenue of $1.115 billion to $1.12 billion, representing growth of at least 9.2%
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Zoom shares rose 16% in extended trading on Monday after the provider of video chat software reported better-than-expected first-quarter earnings and issued an upbeat forecast for the second period.
Here’s how the company did:
Earnings: $1.03 per share, ex-items vs. 87 cents per share as expected by analysts, according to Refinitiv.
Revenue: $1.07 billion vs $1.07 billion as expected by analysts, according to Refinitiv.
Zoom sailed past analysts’ earnings estimates for the quarter and gave profitability guidance for the current quarter and full year that were well above expectations. That shows the company is able to reduce costs as growth decelerates. Investors are looking for tech companies that can produce earnings as they move into stocks that can better withstand rising inflation and interest rates.
Heading into the report, Zoom had been a struggle for shareholders. After five straight quarters of triple-digit revenue growth during the pandemic, Zoom is now reckoning with dramatically slower expansion and a market correction that’s hammered stay-at-home stocks the most.
As of Monday’s close, Zoom shares were down about 85% from their peak in October 2020, including a drop of more than 50% this year.
Revenue growth in the period ended April 30, came in at 12%, down from close to 200% in the same quarter a year earlier.
For the second quarter, Zoom now expects revenue of $1.115 billion to $1.12 billion, representing growth of at least 9.2%. Analysts were looking for growth of 8.7% to $1.1 billion, according to Refinitiv. The company anticipates earnings per share in the range of 90 cents to 92 cents, higher than the 87 cents analysts were estimating.
For the full fiscal year, Zoom expects revenue between $4.53 billion and $4.55 billion, versus the $4.55 billion analysts anticipated. It expects earnings between $3.70 and $3.77 per share, versus $3.53 analysts were expecting, according to Refinitiv.
SOURCE: CNBC
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