Zoom Video Communications Inc (NASDAQ:ZM) stock rose 2.24% (As on May 24, 11:22:50 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the first quarter of FY 23. In Q1, ZM delivered revenue of over one billion dollars driven by ongoing success in Enterprise, Zoom Rooms, and Zoom Phone, which reached 3 million seats during the quarter. The non-GAAP income from operations for the first quarter was $399.6 million, compared to non-GAAP income from operations of $400.9 million in the first quarter of fiscal year 2022. Non-GAAP net income for the first quarter was $315.8 million. Total cash, cash equivalents, and marketable securities, excluding restricted cash, as of April 30, 2022 was $5.7 billion. Net cash provided by operating activities was $526.2 million for the first quarter, compared to $533.3 million in the first quarter of fiscal year 2022. Adjusted free cash flow, which is net cash provided by operating activities less purchases of property and equipment, plus litigation settlement payments, net, was $501.1 million, compared to $454.2 million in the first quarter of fiscal year 2022. At the end of the first quarter of fiscal year 2023, Zoom had approximately 198,900 Enterprise customers, up 24% from the same quarter last fiscal year, a trailing 12-month net dollar expansion rate for Enterprise customers of 123% and 2,916 customers contributing more than $100,000 in trailing 12 months revenue, up approximately 46% from the same quarter last fiscal year.

ZM in the first quarter of FY 23 has reported the adjusted earnings per share of $1.03, beating the analysts’ estimates for the adjusted earnings per share of 87 cents. The company had reported the adjusted revenue growth of 12 percent to $1,073.8 million in the first quarter of FY 23, beating the analysts’ estimates for revenue of $1,073.5 million.

For the second quarter, the company expects revenue to be approximately $1.1 billion and adjusted EPS to be between $0.90 and $0.92. For full-year FY 2023, Zoom expects revenue to be between approximately $4.5 billion and $4.6 billion, while adjusted EPS are forecast to be between $3.70 and $3.77.

Meanwhile, the company In Q1, had launched Zoom Contact Center, Zoom Whiteboard and Zoom IQ for Sales, demonstrating the continued focus on enhancing the customer experience and promoting hybrid work.