Zoom pops as company beats expectations and issues strong guidance

[superadmin]

• Zoom shares rose 11% in extended trading Monday after the company reported fiscal fourth-quarter earnings.
  
• Zoom beat on the top and bottom lines, showing sequential revenue growth.
  
• The company sees 42% revenue growth for the fiscal year ahead, even as life is expected to look more like it did before the pandemic.
  

Zoom shares rose as much as 11% in extended trading on Monday after the video-calling software maker reported fiscal fourth-quarter earnings and guidance that were stronger than analysts had expected.

Here’s how the company did:

• Earnings: $1.22 per share, adjusted, vs. 79 cents per share as expected by analysts, according to Refinitiv
  
• Revenue: $882.5 million, vs. $811.8 million as expected by analysts, according to Refinitiv
  

Revenue grew 369% year over year in the quarter that ended on Jan. 31, according to a statement. In the year-ago quarter people began to use Zoom more heavily as the Covid-19 virus emerged in China, leading to the World Health Organization calling the virus a pandemic in March 2020. In the previous quarter revenue had grown some 367%.


- More -