The profitable 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, representing a year-over-year increase of 109%.
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 its 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.”
In its first-earnings report, the company beat expectations once again. Analysts had expected revenue of $111.4 million with adjusted earnings per share of just under 1 cent, compared to Zoom’s confirmed earnings of 3 cents per share.
For the full year, San Jose-based Zoom expects total revenue of between $535 million and $540 million and non-GAAP income (loss) from operations of between $0 and $3 million.