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Zoom Communications Posts Q2 Beat-And-Raise, 96% Year-Over-Year Revenue Growth

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Zoom Communications Posts Q2 Beat-And-Raise, 96% Year-Over-Year Revenue Growth

Zoom Video Communications Inc (NASDAQ: ZM) posted a 96% year-over-year revenue increase to $145.8 million in its second-quarter report Thursday. The figure beat a $130.31-million consensus estimate. 

The video conferencing company, which went public in April, reported adjusted EPS of 8 cents against a 1-cent Street estimate. 

The company raised its fiscal year 2020 guidance. Zoom's sales guidance was lifted from a range of $535-$540 million to a range of $587-$590 million versus a $545.5-million estimate. 

The full-year non-GAAP EPS guidance is for a range of 18-19 cents versus a 3-cent Street estimate. 

At the end of the second quarter, Zoom said it had about 66,300 customers that have more than 10 employees, representing a 78% year-over-year increase for the company. 

"I am proud that we continue to build trust and create value for customers as evidenced by our strong combination of total revenue growth of 96% with increased profitability and free cash flow in [the second quarter]," founder and CEO Eric Yuan said in a statement. 

Zoom shares were falling by 4.52% to $88.50 in after-hours trading at the time of publication. 

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Photo courtesy of Zoom. 

Posted-In: Earnings News Guidance Best of Benzinga

 

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