Zoom Video Zooms Higher As Earnings Again Top Estimates
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Zoom Video Zooms Higher As Earnings Again Top Estimates

The video conferencing company was a prime beneficiary of the Covid-19 pandemic as many workers and students stayed at home.

By Eric J. Savitz
Tue, Mar 2, 2021 12:25amGrey Clock 2 min

Zoom Video Communications posted better-than-expected results for its fiscal fourth quarter, ended Jan. 31, and stronger-than-expected guidance, driving the stock sharply higher in after-hours trading.

The video conferencing company, a prime beneficiary of the Covid-19 pandemic as many workers and students stayed at home for the last year, reported revenue for the quarter of US$882.5 million, up 369% from a year earlier, with adjusted profits of US$365.4 million, or $1.22 a share. Under generally accepted accounting principles or GAAP, the company earned US$256.1 million, or 87 cents a share.

Zoom shares, which had rallied 9.7% to $409.66 in Monday’s regular session, gained another 9% in late trading to $446.63.

For the full year, Zoom had revenue of $2.65 billion, up 326%, with non-GAAP profits of $995.7 million, or $3.34 a share. The company finished the year with $4.2 billion in cash and short-term investments.

Zoom had projected revenue for the quarter of $806 million to $811 million, with non-GAAP profits of 77 to 79 cents a share. Management has predicted full-year revenue of between $2.575 billion and $2.58 billion, with non-GAAP profits of $2.85 to $2.87 a share.

The consensus call on Wall Street was for January quarter revenue of $811.8 million, with non-GAAP profits of 79 cents a share.

The company said it had 467,000 customers with more than 10 employees, up 33,400 from a year ago. Enterprise customers, those with annual revenue above $100,000, rose 355 to 1,644. Zoom Phone customers increased 269% year-over-year to 10,700.

The company’s financial guidance was higher than Wall Street expected, but still underlines the fact that growth will slow considerably from here as the world begins to get past the pandemic.

For the April quarter, Zoom is projecting revenue of $900 million to $905 million, with non-GAAP profits of 95 to 97 cents a share. The Street had been projecting revenue of $804.8 billion and profits of 72 cents a share.

For the full year ending in January 2022, the company expects revenue of $3.76 billion to $3.78 billion, up 42% from the previous year at the midpoint of the range, with non-GAAP profits of $3.59 to $3.65 a share.

The Street previously had been projecting fiscal year January 2022 revenue of $3.52 billion with non-GAAP profits of $2.96 a share.

“The fourth quarter marked a strong finish to an unprecedented year for Zoom,” CEO and founder Eric Yuan said in a statement. “As we enter [fiscal year] 2022, we believe we are well-positioned for strong growth with our innovative video communications platform, on which our customers can build, run, and grow their businesses; our globally recognized brand; and a team ever focused on delivering happiness to our customers.”

Piper Sandler analyst James Fish noted in a brief research note published Monday after earnings that results came in above expectation on all metrics and that the full-year guidance suggested “the market dynamics remain strong” in cloud-based communications.

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It’s the Christmas present no one wanted as the RBA continues to battle high inflation

By KANEBRIDGE NEWS
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Mortgage holders are bracing themselves for more pain ahead of this afternoon’s board meeting of the Reserve Bank of Australia.

Westpac, ANZ and NAB are all predicting a rise of 25 basis points to the cash rate. The Commonwealth Bank has also said a rate rise is the most likely outcome, but that there is a small chance that the RBA may decide to leave the cash rate unchanged.

Another rate rise today would make it the eighth consecutive rise since April, when it was at a record low of 0.1 percent. At present, the cash rate is at 2.85 percent.

According to RateCity, a further 0.25 percent increase would add another $75 a month to repayments based on a $500,000 loan. 

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