By Yasin Ebrahim

Investing.com – Zoom Video Communications After raising its annual guidance and reporting results for the first quarter, which beat Wall Street estimates, (NASDAQ) surged on Monday morning 

Zoom Video Communications increased by 15% after the report.

Zoom Video Communications reported an EPS at $1.03 per share on $1.07billion in revenue, which is higher than the expectations of EPS at 88cs for $1.07billion revenue.

Company stated that the bottom and top lines beats were driven by the “ongoing successes in Enterprise, Zoom Rooms and Zoom Phone”, which reached 3,000,000 seats during the quarter. 

The revenue customers who contributed more than $100,000 to the company in the 12 months preceding the year saw a 46% increase over the previous-year period.

Enterprise customers rose 24% to about 198,900 from the same quarter last fiscal year, and the trailing 12-month net dollar expansion rate, a key performance metric, for enterprise customers was 123%.

On revenue of approximately $1.12 million, EPS for the second quarter was in the range $0.90- $0.92. This compares to EPS estimates of $.87 for revenue of $1.11 trillion. 

For the full year, EPS was expected between $3.70 and $3.77 on revenue of of between $4.530 billion and $4.550 billion. Comparable to prior EPS between $3.45 & $3.51

Zoom has fallen by 51% over the past year, after it failed to sustain the momentum built up in the last pandemic. This was when work-from home trend helped to boost demand for videoconferencing software.