Zoom outperforms in first-ever earnings report

zoom-outperforms-in-first-ever-earnings-report

2019 is a great year for Zoom (Nasdaq:: ZM). The company outperformed analyst expectations on Thursday upon the release of its first earnings report.

The video communications business, which went public in one of the year’s most successful initial public offerings this April, posted revenues of $122 million for the three months ended April 30, 2019, an increase of 109% year-over-year.

The Zoom stock is rising in after-hours trading following the news. Zoom closed up 2 percent Thursday at just over $79 per share. The stock has been trading at more than double initial offering price in two months following its IPO.

“In our first quarter as a public company, strong execution and expanding adoption of Zoom’s video-first unified communications platform drove total revenue growth of 103% year-over-year,” Zoom founder and chief executive officer Eric Yuan said in a statement. “Delivering happiness to our customers is our number one priority. If we keep them happy, we believe we will succeed today and in the future.”

Zoom, once a relatively under-the-radar tech unicorn, continues to defy expectations. The company priced its IPO back in April at a meager $36 per share only to pop 81% at its Nasdaq debut.

This story is updating.

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