Zoom Soars on Surging Sales, Forecasts That Swamp Estimates

Zoom Video Communications Inc. reported the second-largest sales surge among Nasdaq 100 companies last quarter, providing an emphatic demonstration that businesses and consumers have continued to flock to the video-meeting service in even larger numbers than expected. Shares soared as much as 47% Tuesday.

Revenue jumped more than four times to $663.5 million in the fiscal second quarter from a year earlier, the San Jose, California-based company said Monday in a statement. Analysts, on average, projected $500 million. Biotech firm Moderna Inc. is the only Nasdaq 100 company to have reported a larger sales gain in a similar period, according to data compiled by Bloomberg. Earnings, excluding some items, were 92 cents a share in the period ended July 31, compared with analysts’ estimates of 45 cents.