The profitable video communications business, which went public this April in one of the year’s most successful initial public offerings, posted revenues of $122 million for the three months ended April 30, 2019, representing a year-over-year increase of 109%.
The Zoom stock is rising in after-hours trading following the news. Zoom closed up 2% Thursday at just over $79 per share. The stock has been trading at more than double its initial offering price in the two months following its IPO.
“In our first quarter as a public company, strong execution and expanding adoption of Zoom’s video-first unified communications platform drove total revenue growth of 103% year-over-year,” Zoom founder and chief executive officer Eric Yuan said in a statement. “Delivering happiness to our customers is our … Read the rest