Stock Alert: Zoom Hits New 52-week High After Quarterly Results

(RTTNews) - Shares of Zoom Video Communications Inc. (ZM) are surging almost 37 percent or $119.71 in Tuesday's morning trade at $444.81, after earlier touching a new 52-week high of $447.88 on better-than-expected quarterly results and increased outlook for the full year.

Monday, Zoom said its second-quarter net income attributable to common stockholders surged to $185.7 million or $0.63 per share from $5.5 million or $0.02 per share in the year-ago period. Adjusted earnings were $0.92 per share, compared to $0.08 per share last year. Total revenue jumped 355 percent year-over-year to $663.5 million. Both revenue and adjusted earnings per share beat analysts' estimates.

For fiscal 2021, Zoom raised its outlook for adjusted earnings to a range of $2.40 to $2.47 per share from the prior range of $1.21 to $1.29 per share, and total revenue to a range of $2.37 billion to $2.39 billion from the prior range of $1.775 billion to $1.800 billion.

On average, analysts polled by Thomson Reuters have a consensus earnings estimate of $1.30 per share for the year on revenues of $1.81 billion.

Zoom has traded in a range of $60.97 to $447.88 in the past 52 weeks.