Zoom reported its fourth quarter and full year earnings yesterday, beating both revenue and earnings per share estimates, largely due to the pandemic’s remote work environment, which made the company a household name last year.
Zoom posted EPS of $1.22 and revenue of $882.5 million for the fourth quarter, according to an earnings statement, compared to estimates of $0.79 and $810.9 million respectively, according to Seeking Alpha.
The $882.5 million, represents a staggering 369% increase year-over-year, while full fiscal year revenue totaled $2.6 billion, up 326% year-over-year.
“The fourth quarter marked a strong finish to an unprecedented year for Zoom. In FY2021, we significantly scaled our business to provide critical communications and collaboration services to our customers and the global community in response to the pandemic,” Eric S. Yuan, Zoom Founder and CEO said in the earnings statement. “We are humbled by our role as a trusted partner and an engine for the modern work-from-anywhere environment. Our ability to rapidly respond and execute drove strong financial results throughout the year.”
Yuan added that the company believed that as it enters FY2022, it is well positioned for strong growth “with our innovative video communications platform, on which our customers can build, run, and grow their businesses; our globally recognized brand; and a team ever focused on delivering happiness to our customers.”
Zoom also provided its financial guidance for its first quarter of fiscal year 2022 and its full fiscal year 2022.
For the first quarter fiscal year 2022, the company expects total revenue to be between $900 million and $905 million and non-GAAP income from operations is expected to be between $295.0 million and $300.0 million, and EPS is expected to be between $0.95 and $0.97, according to the statement.
For the full fiscal year 2022, Zoom expects total revenue to be between $3.76 billion and $3.78 billion and EPS is expected to be between $3.59 and $3.65.
Piper Sandler analyst James Fish said in a note that the full-year guidance suggested “the market dynamics remain strong” in cloud-based communications, according to Barron’s.
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This article originally appeared on GOBankingRates.com: Zoom Beats Estimates, Continues To Dominate in 2021