When Zoom Video Communications Inc. (NASDAQ: ZM) released its fiscal first-quarter financial results after the markets closed on Tuesday, the firm reported $0.92 in earnings per share (EPS) and $663.5 million in revenue. The consensus estimates had called for $0.45 in EPS and $500.45 million in revenue. In the same period of last year, it said it had $0.08 in EPS and $145.8 million in revenue.
The numbers this quarter were especially eye-popping. First the fact that Zoom crushed its expectations on both the top- and bottom-line, and then customer metrics further solidified this report. Revenues grew 355% year over year.
At the end of the latest quarter, Zoom had roughly 370,200 customers, or about 458% more than in the same quarter last year.
The firm also boasted 988 customers contributing more than $100,000 in trailing 12 months revenue, up 112% from the same quarter last year.
On the books, cash, cash equivalents, and marketable securities totaled $1.5 billion at the end of the quarter.
Net cash provided by operating activities was $401.3 million for the quarter, compared to $31.2 million in the same period last year. At the same time, free cash flow was $373.4 million, versus $17.1 million.
Looking ahead to the fiscal third quarter, the company expects to see EPS in the range of $0.73 to $0.74 and revenue between $685 million and $690 million. Consensus estimates call for $0.35 in EPS and $492.9 million in revenue for the quarter.
Zoom Video Communications stock closed Tuesday at $325.25, with a 52-week range of $60.97 to $325.90. The consensus price target is down at $234.11. Following the announcement, the stock was up 5% at $341.31 in the after-hours session.