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2019 is a great year for Zoom (Nasdaq: ZM). The company outperformed analysts' expectations with the release of its first earnings report on Thursday.
The profitable video communications business, which was released in April on one of the most successful IPOs of the year, generated revenues of $ 122 million for the quarter ended April 30, 2019, which represents an increase of 109% over the previous year.
The stock of Zoom is up after trading hours after the news. Zoom closed up 2% Thursday to just over $ 79 per share. The stock has traded at more than double its initial bid price in the two months following its IPO.
"In our first quarter as a public company, the strong execution and broad adoption of Zoom's first unified communications platform generated total revenue growth of 103% year-over-year." said Eric Yuan, founder and CEO of Zoom. said in a statement. "Providing happiness to our customers is our number one priority. If we make them happy, we believe that we will succeed today and in the future. "
Zoom, a technological unicorn relatively under the radar, continues to challenge expectations. The company set its IPO in April at just $ 36 per share, for only 81% in its Nasdaq debut.
In its first earnings report, the company again exceeded expectations. Analysts expected revenue of $ 111.4 million with adjusted earnings per share slightly below 1 cent, while earnings confirmed by Zoom was 3 cents per share.
Zoom, headquartered in San Jose, is expected to generate revenue of between $ 535 million and $ 540 million and a non-GAAP operating income between $ 0 and $ 3 million.
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