Zoom Doubles Its Full-Year Guidance on Blockbuster Earnings Results
Zoom Video Communications (NASDAQ: ZM) has been one of the biggest stock gainers of 2020 -- it was up more than 200% year to date going into its fiscal 2021 first-quarter earnings report late Tuesday, with a serious amount of future growth built into its stock price. Yet in spite of the high bar set by those expectations, the company's results sailed past even the most enthusiastic projections.
The company reported revenue of $328.2 million, up 169% year over year, and accelerating from the 78% growth the company generated in the previous quarter. This resulted in non-GAAP earnings per share (EPS) of $0.20, up 566%. Both top and bottom line easily eclipsed analysts' consensus estimates, which called for revenue of $202 million and EPS of $0.09.
Image source: Zoom.
Source Fool.com
