On a recent call with investors, Zoom Founder and CEO, Eric Yuan, said the video conferencing development company produced a fruitful first quarter. It earned $328.2 million in revenue, which is up 169 percent when compared on a year-over-year basis. He said, the number of customers contributing more than $100,000 in revenue, is up 90 percent year-over-year, mostly driven by the novel Coronavirus, adding:
“We're humbled by the accelerated adoption of the Zoom platform around the globe in Q1. The COVID-19 crisis has driven higher demand for distributed, face-to-face interactions and collaboration using Zoom"
Zoom's GAAP income from operations during the quarter was $23.4 million. When you compare this to the fiscal year Q1 2020, that's up from $1.6 million. The company's adjusted non-GAAP income from operations for the first quarter totaled $54.6 million, up from $8.2 million during Q1 (fiscal year) 2020. For the first quarter, GAAP operating margin was 7.1 percent, with non-GAAP operating margins holding steady at 16.6 percent.
Net Income and net income per share amounted to $27.0 million, or $0.09. Compared this to a GAAP net income of $0.2 million, or $0.00 per share during 2020. Looking at Zoom's non-GAAP net income for the quarter, the company brought in $58.3 million, accounting for adjusted income. Non-GAAP net income per share came in at $0.20. And during the first quarter of the fiscal year 2020, non-GAAP net income reached $8.9 million, or $0.03 per share. Zoom had a lot of cash on hand, and its total cash, cash equivalents, and marketable securities as of April 30, 2020, were over one billion. The company's net cash totaled $259.0 million for the quarter. Compare this to $22.2 million during Q1 (fiscal year) 2020.
Further revealing how the video conferencing company did this last quarter, Yuan added, Zoom now has approximately 265,400 customers with more than 10 employees, which is up 354 percent year-over-year. Seven hundred and sixty-nine of Zoom's customers paid more than $100,000 in trailing 12-month revenue. This is up 90 percent from Q1 last fiscal year.
For the past 12 months, Zoom's picked up some high-value customers, a number that's risen above 130 percent for the eighth consecutive quarter, Zoom said in a statement. Yuan also gave insight into Zoom's guidance for Q2 (fiscal year) 2021, and the full fiscal year 2021.
Eric Yuan[/caption]
