Zoom Reports a 96 Percent Jump in Revenues

Zoom Video Communications (NASDAQ:ZM), a web conferencing firm reported a 96 percent increase in year-over-year revenues in its second quarter fiscal 2020 report. Revenue figures reached US$146.8 million. Meanwhile, GAAP net income was US$5.5 million, rising from US$0.5 million compared to the same time last year.

As quoted in the press release:

Second Quarter Fiscal 2020 Financial Highlights:

• Revenue: Total revenue for the quarter was $145.8 million, up 96% year-over-year.
• Income from Operations and Operating Margin: GAAP income from operations for the quarter was $2.3 million, compared to $3.4 million in the second quarter of fiscal 2019. After adjusting for stock-based compensation expense and related payroll taxes, non-GAAP income from operations for the second quarter was $20.7 million, up from $4.5 million in the second quarter of fiscal 2019. For the second quarter, GAAP operating margin was 1.6% and non-GAAP operating margin was 14.2%.
• Net Income and Net Income Per Share: GAAP net income attributable to common stockholders for the quarter was $5.5 million, or $0.02 per share, compared to GAAP net income attributable to common stockholders of $0.5 million, or $0.00 per share in the second quarter of fiscal 2019.

  Non-GAAP net income for the quarter was $24.0 million, after adjusting for stock-based compensation expense and related payroll taxes and undistributed earnings attributable to participating securities, and non-GAAP net income per share was $0.08. In the second quarter of fiscal 2019,  non-GAAP net income was $4.9 million, or $0.02 per share. The non-GAAP weighted average share count has been adjusted to reflect the shares of Class A common stock issued in connection with the Initial Public Offering (IPO), including the concurrent private placement, that are outstanding as of the end of the period as if they were outstanding as of the beginning of the period for comparability.

• Cash: Total cash, cash equivalents, and marketable securities as of July 31, 2019 was $755.3 million.

Click here to read the full press release.