Zoom Q4 Results Trump Street View

(RTTNews) - Shares of Zoom Video Communications Inc. (ZM) gained over 8% in extended trading session Monday after the video conferencing platform company reported fourth-quarter results that trounced Wall Street estimates.

Fourth-quarter profit surged to $260.4 million or $0.87 per share from $15.3 million or $0.05 per share last year.

Adjusted income rose to $365.4 million or $1.22 per share from $43.2 million or $0.15 per share last year. Analysts polled by Thomson Reuters expected earnings of $0.79 per share. Analysts' estimates typically exclude one-time items.

Fourth-quarter revenues surged 369% to $882.5 million from $188.3 million last year. Drivers of total revenue included acquiring new customers and expanding across existing customers, the company said in a statement. Analysts had a consensus revenue estimate of $811.77 million.

"The fourth quarter marked a strong finish to an unprecedented year for Zoom. In FY2021, we significantly scaled our business to provide critical communications and collaboration services to our customers and the global community in response to the pandemic," said CEO Eric Yuan.

Looking forward to the first quarter, revenues is expected to be between $900.0 million and $905.0 million and adjusted earnings of $0.95 and $0.97 per share. Analysts currently estimate earnings of $0.72 per share on revenues of $804.78 million.

For the full year 2022, the company expects revenues of $3.760 billion and $3.780 billion and adjusted earnings of $3.59 and $3.65 per share. Analysts currently estimate earnings of $2.96 per share on revenues of $3.52 billion.

ZM closed Monday's trading at $409.66, up $36.05 or 9.65%, on the Nasdaq. The stock further gained $35.31 or 8.62% in the after-hours trading.