Zoom Video Communications (NASDAQ: ZM) on Monday reported higher adjusted earnings for the first quarter when its revenues increased 3%. The company also provided guidance for the second quarter and fiscal 2024.
Adjusted earnings, excluding special items, rose to $1.16 per share in the first quarter from $1.03 per share a year earlier. On an unadjusted basis, the company reported net income of $15.4 million or $0.05 per share, compared to $113.6 million or $0.37 per share in the first quarter of 2023.
At $1.11 billion, net revenues were up 3% year-over-year. The company had around 215,900 Enterprise customers at the end of the quarter, up 9% year over year.
“The Zoom platform is designed to support limitless human connection to empower the modern workday and strengthen customer relationships. Our customers see Zoom as mission-critical in how they collaborate internally and externally across the globe,” said Zoom’s CEO Eric Yuan.