It’s clear that Zoom Video Communications Inc. Not only did the company surpass Wall Street expectations, but it is also trading at record highs - over an unbelievable 20% higher during after-hours trading. In just three months (May, June, and July), Zoom gained as much profit as in the entire 2019. Despite the predictions and expectations, the teleconference company achieved tremendous results. Zoom managed to overpower the Q2 results and raise its revenue guidance. ZM boosted its financial guidance to nearly $2.4 billion, considering the demand for a work-from-home solution for businesses. The company predicts revenue of $685-$690 million in Q3. The company has been successfully overcoming the lockdown-caused sell-off back in March. So far, ZM stocks are doubtlessly among the best performing. Their subscriptions comprised even 81% of the revenue increase. In Q2, Zoom gained almost 105,000 new users. The total revenue was over four times greater than in 2019, implying it increased by 355% on an annualized basis. The profit per share amounted to 92 cents, compared to 45 cents that analysts expected.
In the previous quarter, ZM reported revenue of $663.5 million, as opposed to $500.5 million predicted by analysts.
disclosed a blowout in Q2 earnings which easily beat analysts’ predictions. Only a day before, Zoom Video Communications Inc.
The teleconferencing company skyrocketed 40% Tuesday morning. With millions of people relying on video conferences due to the COVID-19 pandemic, Zoom stocks (ZM) keeps on harvesting fat profit.
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