Zoom Video Communications Inc (NASDAQ:ZM) reported stronger-than-expected earnings for its first quarter on Monday.

Zoom reported first-quarter revenue of $1.14 billion, beating the consensus estimate of $1.13 billion billion. Zoom's top-line results were up 3.2% on a year-over-year basis. Enterprise revenue was up 5.3% year-over-year, while online revenue was flat on a year-over-year basis.

The communications company reported adjusted earnings of $1.35 per share, beating analyst estimates of $1.20 per share, according to data from Benzinga Pro.

"In Q1, we continued to integrate AI across our platform including Zoom Contact Center and Zoom Workplace, our AI-powered collaboration platform that provides customers the ability to reimagine teamwork by streamlining communications, increasing employee engagement, and improving productivity within their organizations," said Eric Yuan, founder and CEO of Zoom.

The company said it sees fiscal second-quarter revenue in the range of $1.145 billion to $1.15 billion versus estimates of $1.15 billion. Zoom said it expects second-quarter adjusted earnings to be between $1.20 and $1.21 per share versus estimates of $1.23 per share.

Zoom Video shares fell 0.1% to close at $64.09 on Monday.

These analysts made changes to their price targets on Zoom Video after the company reported quarterly results.

• Bernstein cut the price target on Zoom Video from $82 to $78. Bernstein analyst Peter Weed maintained a Market Perform rating.
• Baird decreased Zoom Video price target from $90 to $84. Baird analyst William Power maintained an Outperform rating.
• Evercore ISI Group slashed the price target on Zoom Video from $72 to $70. Evercore ISI Group analyst Peter Levine maintained an In-Line rating.

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