5 Stocks That Beat Profit Expectations

3. Zoom Video Communications, Inc. (NASDAQ:ZM)

Number of Hedge Fund Holders: 43

Zoom Video Communications, Inc. (NASDAQ:ZM) recently announced better-than-expected financial results for its fiscal first quarter and an upbeat outlook for the current quarter. As a result, its shares rose nearly 6 percent on Tuesday, May 24, 2022.

The communications technology company earned $1.03 per share on an adjusted basis, compared to $1.32 per share in the same period of the prior year. In addition, revenue for the quarter jumped 12 percent on a year-over-year basis to $1.074 billion. Analysts were expecting Zoom Video Communications, Inc. (NASDAQ:ZM) to post earnings of 87 cents per share on revenue of $1.07 billion.

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Looking forward, Zoom Video Communications, Inc. (NASDAQ:ZM) guided for adjusted earnings in the range of 90 – 92 cents per share and revenue between $1.115 – $1.12 billion for its fiscal second quarter. The guidance is better than the consensus of 88 cents per share for earnings and $1.11 billion for revenue.