Zoom Video Communications Inc. on Tuesday reported higher-than-expected earnings and revenue than analysts had expected for the first quarter of fiscal 2022.
The company said in its official statement that it recorded a net profit of $227.3 million during the three months ended April 30, compared to a profit of $27.03 million in the same period in 2020.
Excluding some repetitive items, Zoom Video’s earnings rose to $1.32 per share in the first fiscal quarter, compared to expectations for an adjusted earnings of 99 cents per share.
Zoom’s revenue jumped to $956.2 million in the first quarter ending in April, compared to revenue of $328.1 million in the same period last year, compared to expectations of $906 million.
The company forecast adjusted earnings of $1.14 million to $1.15 million and revenue of $985 to $990 million in the second fiscal quarter.
Zoom Video expects to achieve adjusted earnings between $4.56 and $4.61 per share in the entire 2022 fiscal year, which exceeds analyst expectations that it will achieve earnings of $3.76 per share.