It seems everybody is pretty much sick of non-stop Zoom calls except for people who work for Zoom, and their investors.
The company reported some pretty stellar first quarter earnings Tuesday, that showed a sales growth of 191%. Yeah, the company was pretty much kicking butt before this report, but these results led to the stock price rising 4% after the stock had fallen 5% earlier Tuesday because of signs that a slowdown is looming.
You don’t have to be a Wall Street analyst to figure out that with the country opening up very fast, more employees are going to be heading back to the office and spending less time staring at their computer in their family room.
The revenue was expected to come in for Q1 at $906 million, but it was much better than that, $956.2 million to be specific.
The earnings were $1.32 per share.
For the same quarter in 2020, Zoom reported $328.2 million, so the pandemic allowed the revenue increase to come in at 369% year over year.
Overall for the year, the stock is down about 3% while the S&P 500 overall is up almost 12% since the start of 2021.