Zoom financial report: Zoom revenue increased 12% to US$1.07 billion in Q1 2022

Video communication software provider Zoom's stock price rose more than 10% after the market closed on Monday after the company reported better-than-expected first-quarter earnings and issued optimistic performance guidance. The financial report showed that Zoom's first-quarter earnings per share were $1.03, and the market expected 87 cents; revenue increased by 12% to $1.07 billion, and the market expected $1.07 billion, which was lower than the nearly 200% increase in the same period last year.

Zoom's first-quarter earnings beat market expectations and it provided above-market guidance for the current quarter and full year, suggesting the company has been able to cut costs amid slowing growth.

Zoom currently expects second-quarter revenue to be between $1.115 billion and $1.12 billion, an increase of at least 9.2%, while the market expectation is an increase of 8.7% to $1.1 billion; earnings per share are expected to be between 90 cents and 92 cents, higher than the market expectation of 87 cents.

Zoom also expects revenue for the full fiscal year to be between $4.53 billion and $4.55 billion, compared with market expectations of $4.55 billion; earnings per share are expected to be between $3.70 and $3.77, compared with market expectations of $3.53.

As of Monday's close, Zoom's stock price had fallen about 85% from its October 2020 peak and is down more than 50% so far this year.

From Global Market Report