Zoom (NASDAQ: ZM) focused on “significant” growth opportunity after impressive post-IPO earnings report
- San Jose-based company swings to profit,
- doubles revenue Expects $535-$540M revenue for full-year
- Shares set to open at $90.68
Zoom Video Communications (NASDAQ: ZM) shares advanced 14.2% in Friday’s premarket on a strong showing in its first earnings update as a public company.
The computer software company, which launched its IPO on April 18, posted $0.02 non-GAAP EPS for the latest quarter versus the $0.03 loss a year ago and 2 cents up on Wall Street expectations. Group revenues also soared $122 million.
“We believe the growth opportunity for Zoom is significant,” CEO Eric Yuan said. “Based on IDC estimates the (total addressable market opportunity) is huge, a $43 billion market by 2022.”