Total revenue for the first quarter was $1,105.4 million, up 3 per cent year over year. After adjusting for foreign currency impact, revenue in constant currency was $1,123.8 million, up 5 per cent year over year. Enterprise revenue was $632.0 million, up 13 per cent year over year, and online revenue was $473.4 million, down 8 per cent year over year.
The company said that revenue drivers included acquiring new customers and expanding across existing customers. At the end of the first quarter of fiscal year 2024, Zoom had approximately 215,900 Enterprise customers, up 9 per cent from the same quarter last fiscal year.
Eric S. Yuan, founder and CEO, Zoom, commented, “The Zoom platform is designed to support limitless human connection to empower the modern workday and strengthen customer relationships. Our customers see Zoom as mission-critical in how they collaborate internally and externally across the globe.
“This relationship with our customers helped us to exceed our guidance due to Enterprise growth and stabilising Online revenue while driving greater efficiencies in our business to deliver strong profitability and free cash flow margin. The solid start to the year has enabled us to raise our outlook for fiscal year 2024 while continuing to invest in innovations such as AI to help make interactions more meaningful and communications more effective.”
Additional financial highlights included GAAP income from operations for the first quarter was $9.7 million, compared to GAAP income from operations of $187.1 million in the first quarter of fiscal year 2023.
After adjusting for stock-based compensation expense and related payroll taxes, acquisition-related expenses, restructuring expenses, and ligation settlements, net, non-GAAP income from operations for the first quarter was $422.3 million, compared to non-GAAP income from operations of $399.6 million in the first quarter of fiscal year 2023.
In addition, total cash, cash equivalents, and marketable securities, excluding restricted cash, as of April 30, 2023, was $5.6 billion. Net cash provided by operating activities was $418.5 million for the first quarter, compared to $526.2 million in the first quarter of fiscal year 2023.