Zoom (NASDAQ: ZM) shares plunged nearly 11% after-hours after the video conferencing giant reported second-quarter results that left investors wanting more. The total revenue of $1,021.5 million, growing 54% year over year, was driven by new customers acquisition and expansion across existing customers. Q2 Revenue came above the consensus estimate of $990.96 million. The number of customers contributing more than $100,000 in TTM revenue grew 131% year over year, while the growth of customers with more than 10 employees was approximately 36%.

The quarterly Non-GAAP EPS of $1.36, representing over 47% growth year over year, also beat the consensus of $1.16.

The company is expecting above-consensus ($1.01 billion) Q3/2022 revenue of $1.015 – 1.020 billion, with Non-GAAP diluted EPS ranging from $1.07 to $1.08, slightly lower than the $1.09 consensus estimate.

Full fiscal revenue for 2022 is expected to be between $4.005 billion and $4.015 billion, versus the Street estimate of $4.01 billion. The company expects full fiscal year EPS to range from $4.75 to $4.79, higher than the street estimate of $4.67.

Zoom founder and CEO, Eric S. Yuan mentioned that the company was able to achieve its first billion-dollar quarterly revenue in Q2, delivering strong profitability and cash flow.

“Q2 also marked several milestones on our expansion beyond the UC platform. We launched Zoom Apps, bringing over 50 apps directly into the Zoom experience, and Zoom Events, an all-in-one digital events service. Today we are a global brand counting over half a million customers with more than 10 employees, which we believe positions us extremely well to support organizations and individuals as they look to reimagine work, communications, and collaboration,” added Yuan.

During the quarter, Zoom announced that it entered into a definitive agreement to acquire Five9, Inc. (NASDAQ: FIVN) in an all-stock transaction valued at approximately $14.7 billion at the time the deal was announced in July. It was the largest deal the company has announced to date.