Zoom Video Flies After First Post-IPO Results Top Expectations

(Bloomberg) -- Zoom Video Communications Inc. got off to a soaring start after reporting its first quarterly earnings as a public company Thursday, climbing as much as 13% in after-hours trading.

The video-conferencing company reported first quarter adjusted earnings of 3 cents a share, beating the average analyst estimate of 1 cent, and forecast revenue for the second quarter and full year ahead of consensus views.

Shares traded as high as $89.72 post-market, from a closing price of $79.43.

Zoom had already more than doubled in value since its IPO in April, making it one of the top U.S. launches of the year, according to data compiled by Bloomberg. The stock reached an intraday peak of $91.46 on May 20.

Further reading: Beyond Meat, Zoom Buck Decade of IPO Earnings Duds

To contact the reporter on this story: Morwenna Coniam in New York at mconiam@bloomberg.net

To contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Jeremy R. Cooke

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