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Zoom Video Communications Inc (NASDAQ:ZM) shares are trading lower Tuesday following the company’s first-quarter financial results. Multiple analysts also lowered price targets on the stock following the print.
Net cash provided by operating activities was $588.2 million in the first quarter, up 40.6% year-over-year. Free cash flow came in at $569.7 million, up 43.6% year-over-year.
Zoom ended the quarter with approximately 191,000 enterprise customers. 3,883 of those customers were contributing more than $100,000 in trailing 12 months revenue at quarter’s end, up approximately 8.5% year-over-year.
"In Q1, we continued to integrate AI across our platform including Zoom Contact Center and Zoom Workplace, our AI-powered collaboration platform that provides customers the ability to reimagine teamwork by streamlining communications, increasing employee engagement, and improving productivity within their organizations," said Eric Yuan, founder and CEO of Zoom.
Outlook: Zoom sees fiscal second-quarter revenue in the range of $1.145 billion to $1.15 billion versus estimates of $1.15 billion. The company said it expects second-quarter adjusted earnings to be between $1.20 and $1.21 per share versus estimates of $1.23 per share.
Zoom expects full-year revenue of $4.61 billion to $4.62 billion versus estimates of $4.61 billion. Full-year earnings are expected to be between $4.99 and $5.02 per share versus estimates of $4.91 per share.
Analyst Changes:
Related Link: These Analysts Slash Their Forecasts On Zoom Video Following Q1 Results
ZM Price Action: Zoom shares were down 2.01% at $62.80 at the time of writing, according to Benzinga Pro.
Photo: Shutterstock.
Posted In: ZM