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Zoom stock soars after first-quarter earnings beat

Zoom shares are moving higher after posting an impressive Q1 earnings beat.

Video transcript

SEANA SMITH: Have some new earnings coming out. Zoom just reporting. Shares popping here afterhours, up just around 11%. Jared Blikre has that for us. Jared.

JARED BLIKRE: That's right. The forecast is better than expected, but we want to stick with the first quarter results first. And the revenue came in line at $1.07 billion. That was up 12% year over year. It was a nice beat on EPS. Adjusted EPS coming in at $1.03 versus the estimates, $0.17 lower by the Street. Also, we are looking at free cash flow of $501.1 million. That's up 10%. And it does beat the Wall Street estimate of $412.7 million.

And then, finally, on the first quarter results, cash and cash equivalents ending the quarter at $1.41 billion, when the estimate was for $1.49 billion, so just a bit short of that. But I do want to get to that forecast. Second quarter forecast, they're seeing revenue of $1.12 to $1.12 billion. I guess there's maybe some rounding going in there. The estimate was for $1.11 billion.

But it's really in the 2023 year forecast. They're seeing adjusted EPS of $3.70 to $3.77. And that handily beats the estimate of $3.49. They're still seeing the revenue of $4.53 to $4.55 billion. So nice results for Zoom, up as much as 17% in afterhours trading, guys.

SEANA SMITH: All right, we're going to have more on Zoom earnings with one of our analysts from Mizuho in just a few minutes. But again, Zoom moving to the upside, up just around 11%. Thank you, Jared.

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