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Zoom Video: Fiscal 1Q Earnings Snapshot

SAN JOSE, Calif. (AP) _ Zoom Video Communications Inc. (ZM) on Tuesday reported fiscal first-quarter earnings of $27 million.

On a per-share basis, the San Jose, California-based company said it had net income of 9 cents. Earnings, adjusted for stock option expense and non-recurring costs, were 20 cents per share.

The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 10 cents per share.

The video-conferencing company posted revenue of $328.2 million in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $203 million.

For the current quarter ending in August, Zoom Video expects its per-share earnings to range from 44 cents to 46 cents.

The company said it expects revenue in the range of $495 million to $500 million for the fiscal second quarter.

Zoom Video expects full-year earnings in the range of $1.21 to $1.29 per share, with revenue ranging from $1.78 billion to $1.8 billion.

Zoom Video shares have more than tripled since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $208.08, more than doubling in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ZM at https://www.zacks.com/ap/ZM