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Why ZoomInfo Stock Skyrocketed Today

What happened

Shares of ZoomInfo (NASDAQ: ZI) skyrocketed by as much as 16% today after the company reported second-quarter earnings. The results topped expectations and guidance mostly came in strong as well.

So what

Revenue in the second quarter jumped 57% to $174 million, topping the consensus estimate of $162.4 million. That translated into adjusted net income of $56.4 million, or $0.14 per share, while Wall Street analysts were modeling for just $0.12 per share in adjusted profits. The go-to-market intelligence technology company completed two acquisitions during the quarter, Chorus.ai and Insent.ai.

Image source: Getty Images.

"ZoomInfo delivered another record quarter, including the highest levels ever for both retention activity and customer engagement, and accelerating revenue growth, as customers in all industries continue to choose ZoomInfo to transform their go-to-market motion," CEO Henry Schuck said in a statement. "ZoomInfo is the only company delivering a modern go-to-market platform that brings together best-in-class intelligence with comprehensive data management, workflow, and engagement software."

Now what

ZoomInfo's guidance for the third quarter calls for revenue in the range of $182 million to $184 million, which should result in adjusted earnings per share of $0.11 to $0.12. Analysts are looking for $171.4 million in sales and $0.12 per share in adjusted earnings. The company boosted its full-year outlook and now expects revenue in 2021 to be $703 million to $707 million, up from a previous forecast of $670 million to $676 million.

"With broad-based strength we are seeing, we now expect to deliver revenue growth of 48% in 2021, up from our prior guidance of 41% at the midpoint of the range provided," CFO Cameron Hyzer said on the conference call with analysts.

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Evan Niu, CFA has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.


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