Zoom Stock Down After Earnings Report for Second Fiscal Quarter Ended July 31, 2021
Aug 31, 2021 By MarketDepth
Zoom Video Communications, Inc. (NASDAQ: ZM) stock is down about 15% on Tuesday after the video-first communications platform service provider announced financial results for the second fiscal quarter ended July 31, 2021 on Monday after market close.
Revenue Up 54%
While second quarter total revenue was of $1,021.5 million, up 54% year over year, Zoom provided guidance for its third quarter fiscal year 2022 and its full fiscal year 2022 indicating that total revenue is expected to be between $1.015 billion and $1.020 billion and non-GAAP income from operations is expected to be between $340.0 million and $345.0 million. For full fiscal year 2022 total revenue is expected to be between $4.005 billion and $4.015 billion.
“In Q2, we achieved our first billion dollar revenue quarter while delivering strong profitability and cash flow”Zoom founder and CEO, Eric S. Yuan
“In Q2, we achieved our first billion dollar revenue quarter while delivering strong profitability and cash flow,” said Zoom founder and CEO, Eric S. Yuan. “Q2 also marked several milestones on our expansion beyond the UC platform. We launched Zoom Apps, bringing over 50 apps directly into the Zoom experience, and Zoom Events, an all-in-one digital events service. Today we are a global brand counting over half a million customers with more than 10 employees, which we believe positions us extremely well to support organizations and individuals as they look to reimagine work, communications, and collaboration.”
Second Quarter Results
For the second fiscal quarter 2,278 customers contributing more than $100,000 in trailing 12 months revenue, up approximately 131% from the same quarter last fiscal year. Approximately 504,900 customers with more than 10 employees, up approximately 36% from the same quarter last fiscal year.