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Yahoo BusinessJun 03, 2020
Zoom Lifts Full-Year Sales Guidance As Quarterly Revenue Balloons 169%
Popular video-conferencing company Zoom Video Communications (ZM) far outpaced sales expectations in the first quarter as millions of users flocked to use its technology to host business and social meetings during the coronavirus pandemic.First-quarter revenue surged 169% to $328.2 million year-on-year, beating analysts' estimates of $202.7 million. Zoom now hasĀ about 265,400 customers with more than 10 employees, up about 354% from the same quarter last fiscal year."The COVID-19 crisis has driven higher demand for distributed, face-to-face interactions and collaboration using Zoom," said Zoom founder and CEO Eric S. Yuan. "Use cases have grown rapidly as people integrated Zoom into their work, learning, and personal lives. We also supported an unprecedented number of free participants, including over 100,000 K-12 schools."Commenting on the earnings, five-star analyst Ittai Kidron at Oppenheimer, said that while Zoom reported "exceptional" results, "its gross margin significantly contracted (-1,480bps QoQ and -1,149bps YoY) due to high levels of free meeting minutes (K-12 schools) and increased public cloud hosting costs". Indeed, cost of revenue in the first quarter skyrocketed 330% to $103.7 million year-on-year.Shares rose 1.9% to close at $208.08 ahead of the earnings release on Tuesday and dropped 1.7% in after-market trading.Looking ahead, the company raised its full-year revenue forecast to a range of $1.78 billion to $1.80 billion from $905 million to $915 million. This compares w
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