Zoom Video Communications Inc.’s stock jumped more than 5% in extended trading Monday, after the videoconferencing company beat expectations across the board with its financial results and forecasts.
Zoom ZM reported fiscal first-quarter net income of $15.4 million, or 5 cents a share, on revenue of $1.11 billion, up from $1.07 billion a year ago. After adjusting for stock compensation and other effects, Zoom reported earnings of $1.16 a share, up from $1.03 a share last year and topping analysts’ expectations. Analysts surveyed by FactSet had on average expected adjusted net income of 99 cents a share on revenue of $1.08 billion.
“The solid start to the year has enabled us to raise our outlook for fiscal-year 2024 while continuing to invest in innovations such as AI to help make interactions more meaningful and communications more effective,” Zoom Chief Executive Eric Yuan said in a statement announcing the results.