Zoom (NASDAQ :ZM) delivered on Tuesday its Q1 2022 for the fiscal year 2022 that topped analysts estimates. Total revenue, number of customers surged in the quarter.
Here are a few reasons why Zoom stock is a good buy.
Firstly, the financial results presented this week are nothing short of impressive. The company’s total revenue for the quarter was $956.2 million, up 191% YoY. Moreover, the net operating cash flow more than doubled when compared to the similar period in 2021, and, equally important, the customer base continues to grow.
Second, the forward guidance for the Q2 2022 and for the full fiscal year is more than promising. For example, for the full year, total revenue is forecasted to come close to $4 billion.
Finally, Zoom’s growth rates are staggering, exceeding the sector’s median by 295.67% YoY with a hefty gross profit margin of 70.02% TTM.
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What is Zoom?
Zoom Video Communication is an active player in the application software industry, which became famous during the COVID-19 pandemic. As lockdowns became the norm around the world, Zoom saw an increased demand for its chat, voice, and HD video services.
Headquartered in San Jose, California, Zoom employs over 4,400 people and was founded in 2011.