Zooms revenue in the second quarter was $663.5 million, with a 33 fold increase in net profit over the same period last year

category:Internet
 Zooms revenue in the second quarter was $663.5 million, with a 33 fold increase in net profit over the same period last year


Zoom, a video conferencing app developer, released its second quarter results on Monday, showing results that beat analysts expectations. At the same time, zoom raised its annual performance guidelines. As of press release, zooms share price rose more than 22% after hours.

According to the financial report, the total revenue of zoom in the second quarter was $663.5 million, up 355% from $145.8 million in the same period of last year, higher than analysts expectation of $505 million. The net profit attributable to common shareholders of the company was $185.7 million, 33 times higher than that of $5.5 million in the same period of last year. Adjusted earnings per share was $0.92, much higher than analysts expected of $0.45.

Kelly steckelberg, chief financial officer of zoom, said new customer subscriptions contributed 81 per cent of revenue growth and customer churn was less than expected. Zoom increased its gross margin to 72.3% from 69.4% in the previous quarter, in part because it expanded its data center equipment capacity.

Zoom expects third quarter revenue of $685 million to $690 million, with adjusted earnings per share of $0.73 to $0.74. Analysts had expected revenue of $492.9 million, adjusted earnings per share of $0.35.

Zoom also raised its full year performance guidance for the year 2021, expecting full year revenue of $2.37 billion to $2.39 billion, representing an annualized revenue growth of 282%, with analysts expecting $1.81 billion. Adjusted earnings per share for the full year were $2.40 to $2.47, with analysts expecting $1.30.

At the close of Monday, zoom shares closed at $325.1, up 8.63%. Since the start of the year, zooms share price has risen 369%, and the S & P 500 has risen about 9%. (small)

Source: Qiao JunJing, editor in charge of Netease science and Technology Report_ NBJ11279