Zoom (ZM) topped Wall Street’s expectations during its first quarterly results as a public company.

The video conferencing software company on Thursday reported first-quarter sales that more than doubled over last year to $122 million, ahead of expectations for $111.4 million, according to Bloomberg estimates. Adjusted earnings per share were 3 cents, ahead of expectations for just under a penny per share.

The San Jose, California-based company guided toward second-quarter adjusted EPS of between 1 cent and 2 cents, with the midpoint above consensus expectations for a penny per share. Zoom sees full-year adjusted EPS of between 2 and 3 cents, also ahead of estimates, and full-year revenue in a range of between $535 million and $540 million. Wall Street had anticipated $522.2 million in sales for the year.

“Strong execution and expanding adoption of Zoom’s video-first unified communications platform drove total revenue growth of 103% year-over-year,” Zoom CEO Eric Yuan said in a statement. “While we remain focused on strong growth, we are also pleased that our highly efficient business model and disciplined investment approach contributed to positive non-GAAP profitability and free cash flow.”

Shares of Zoom rose 20.18% to $95.65 each as of 9:30 a.m. ET Friday.

Zoom has also been building its base of high-value customers: In its latest quarter, it reported that it had 405 customers spending more than $100,000 per year on its services, up 120% from the same quarter last year.

The company had a high bar to meet in its first quarterly results, as investors were looking for the company to report another quarter of strong growth to justify its surging stock price over the past two months.

Zoom has posted triple-digit revenue growth during each of its past two fiscal years. Net income totaled $7.6 million for the year ending in January – making Zoom one of the few highly valued tech companies to hit the public markets this year with a history of reported profitability.

Ahead of results, many analysts cautioned that Zoom’s stock price may already have reflected much of its future growth potential. Shares of Zoom have more than doubled from its April initial public offering price of $36.00 per share. In the months since, the company’s market capitalization has ballooned to more than $20 billion and overtaken those of many of its other newly public tech peers, including ride-hailing company Lyft (LYFT).

As of market close Thursday, Zoom’s market cap was also more than three times that of Beyond Meat (BYND) – which has seen a fourfold increase in its own share price since its IPO – and about 1.5 times that of Pinterest (PINS), which made its public debut the same day as Zoom.