Benzinga - by Adam Eckert, Benzinga Staff Writer.
Zoom Video Communications Inc (NASDAQ:ZM) reported first-quarter earnings after the market close Monday. Here’s a look at the key metrics from the quarter.
What Happened: Zoom reported first-quarter revenue of $1.14 billion, beating the consensus estimate of $1.13 billion billion. Zoom’s top-line results were up 3.2% on a year-over-year basis. Enterprise revenue was up 5.3% year-over-year, while online revenue was flat on a year-over-year basis.
The communications company reported adjusted earnings of $1.35 per share, beating analyst estimates of $1.20 per share. Zoom has now beat analyst estimates on the top and bottom lines in seven straight quarters, according to data from Benzinga Pro.
Net cash provided by operating activities was $588.2 million in the first quarter, up 40.6% year-over-year. Free cash flow came in at $569.7 million, up 43.6% year-over-year.
Zoom ended the quarter with approximately 191,000 enterprise customers. 3,883 of those customers were contributing more than $100,000 in trailing 12 months revenue at quarter's end, up approximately 8.5% year-over-year.
“In Q1, we continued to integrate AI across our platform including Zoom Contact Center and Zoom Workplace, our AI-powered collaboration platform that provides customers the ability to reimagine teamwork by streamlining communications, increasing employee engagement, and improving productivity within their organizations,” said Eric Yuan, founder and CEO of Zoom.
Zoom Outlook: Zoom sees fiscal second-quarter revenue in the range of $1.145 billion to $1.15 billion versus estimates of $1.15 billion. The company said it expects second-quarter adjusted earnings to be between $1.20 and $1.21 per share versus estimates of $1.23 per share.
Zoom expects full-year revenue of $4.61 billion to $4.62 billion versus estimates of $4.61 billion. Full-year earnings are expected to be between $4.99 and $5.02 per share versus estimates of $4.91 per share.
Zoom management will hold a conference call to discuss its quarterly results at 5 p.m. ET.
Don’t Miss: Zoom, Snowflake, Intuit Face Short-Term ‘Choppiness,’ But Long-Term Gains Will Follow: JPMorgan
ZM Price Action: Zoom shares were trading slightly down after hours Monday at $63.95, according to Benzinga Pro.
Photo: courtesy of Zoom.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.