Shares of Zoom Video Communications (NASDAQ:ZM) gained in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2024. Earnings per share came in at $1.16, which beat analysts’ consensus estimate of $0.99 per share.
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Sales increased by 3.7% year-over-year, with revenue hitting $1.11 billion. This beat analysts’ expectations of $1.08 billion.
Enterprise revenue was up 13% against this time last year, reaching $632 million. Further, its number of big spenders was also up. The number of Zoom customers spending over $100,000 per year was up 23% against this time last year.
Zoom management also offered up some guidance for the full year 2024. Zoom management expects total revenue between $4.495 billion and $4.515 billion. Earnings per share is expected between $4.25 and $4.31 per share.
Overall, Wall Street has a consensus price target of $83.88 on Zoom, implying 17.62% upside potential, as indicated by the graphic above.
