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Zoom Communications (ZM) topped first quarter earnings estimates, posting an adjusted profit of $1.43 per share (vs. estimates of $1.31) while revenue figures came in line with expectations of $1.17 billion.
Zoom shares are seeing a positive reaction to the release in extended-hours trading as the telecommunications company raises its full-year earnings forecast.
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Zoom Communications out with its latest earnings, shares are rising, um, in the company here. Um, as we saw most of their metrics come out and beat analyst estimates. So, um, the company said in the first quarter, revenue was up about 2.9%. Not huge growth. It matched estimates. Uh, adjusted earnings per share beating at $1.43 versus the estimate of $1.31. And the company's forecast also coming out ahead of estimates, particularly a second quarter forecast of adjusted earnings per share of at least a buck 36. Analysts had been looking for two pennies less, and for the full year, it is raising its forecast for earnings per share. So, we are seeing those shares move up by about 1.7%.
Yeah, the CEO sounded a confident tone here, just reading the statement. Talks about a solid quarter, talks about exceeding guidance in both revenue and profitability, says in this uncertain macroeconomic environment, customers are turning to Zoom, he says, drive efficiency, improve customer and employee experiences, future proof their business. It was also interesting. Google at its developer conference talked about Google Beam, which is 3D video conferencing, and talked about how they'll work with partners, including Zoom, to bring beam into the enterprise. So, we'll see if that comes up on the call.
You know, I know it's old news, but looking at that, I I love looking at the max chart of Zoom, right? Because in the pandemic, in 2020, October 2020, the high on this stock,
Yeah.
$559.
Remarkable.
And it's now trading at just under $84. I mean, it's just, I mean, it's a solid business. You know, sort of slow and steady business at this point, but it is just amazing to think about that trajectory.
Yeah, next you're going to show me a Peloton stock. Bring them all back. Ooh,
