Zoom pops after Q1 results beat estimates, company raises full-year guidance
fizkes/iStock via Getty Images

Zoom Video Communications (NASDAQ:ZM) shares soared as much as 17% in after-hour trading, Monday, as the communications software provider posted fiscal first-quarter results that beat estimates and raised its full-year earnings guidance.
For the period ending April 30, Zoom (ZM) said it earned $1.03 a share, excluding one-time items, on $1.07 billion in revenue, up 12% year-over-year.
A consensus of Wall Street analysts was expecting Zoom (ZM) to earn $0.87 a share on $1.07 billion in sales.
For the second-quarter, Zoom (ZM) said it expects to earn between $0.90 and $0.92 a share, on revenue of around $1.12 billion, while analysts had forecast the company to earn $0.87 cents a share, on $1.1 billion in sales.
Zoom (ZM) also raised its full-year earnings guidance, saying it now expects earnings per share for the 2023 fiscal year to be between $3.70 and $3.77 a share, compared to a previous outlook of between $3.45 and $3.51 a share.
Revenue is still forecast to be between $4.53 billion and $4.55 billion, compared to estimates of $4.54 billion.
Along Zoom (ZM) shares surging on the back of its results, DocuSign (DOCU) shares also rose in conjunction, gaining slightly more almost 4% in extended-hours trading. 
The company will hold a conference call at 5 p.m. EST to discuss the results.
Prior to earnings, investment firm Piper Sandler lowered its price target on Zoom (ZM) shares by almost 40%, while downgrading the stock to neutral from overweight.