Key Takeaways:
- Zoom Q2 revenue of $1.277B beat estimates, with EPS of $1.55 topping consensus
- Q3 adjusted EPS guidance of $1.46-$1.48 missed the $1.50 estimate
- Full-year FY27 EPS guidance raised to $6.08-$6.12 from $5.96-$6.00
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Zoom shares fall 3% on soft Q3 guidance despite Q2 beat
Zoom Communications (NASDAQ: ZM) forecast third-quarter adjusted profit of $1.46 to $1.48 per share on Tuesday, missing the $1.50 consensus, as competition from Microsoft Teams and Alphabet's Google Meet squeezes the video-conferencing company even as it rolls out AI features.
"The results validate our strategy of accelerating the Enterprise segment," BTIG analyst Allan Verkhovski said, maintaining a Buy rating with a $125 price target. Verkhovski noted shares are up 29% year to date, driven by top-line acceleration and the growing value of Zoom's stake in AI firm Anthropic.
Second-quarter revenue reached $1,277.2 million, beating the $1.269 billion consensus by 0.64 percent and rising 4.9 percent from $1,217.2 million a year earlier. Non-GAAP diluted EPS of $1.55 topped the $1.48 estimate, up 1.31 percent from $1.53. Enterprise revenue climbed 7.8 percent to $787.5 million, the strongest growth rate in three years, while online revenue rose 0.6 percent to $489.7 million.
Shares fell 2.92 percent in after-hours trading to $97.97, as the conservative third-quarter outlook overshadowed the beat. Zoom guided Q3 revenue of $1.275 billion to $1.280 billion, below the $1.282 billion estimate, and raised full-year fiscal 2027 adjusted EPS guidance to $6.08-$6.12 from $5.96-$6.00, with sales of $5.085 billion to $5.095 billion.
GAAP net income surged to $1,542.4 million from $358.6 million, boosted by $1,614.2 million in gains on strategic investments that were excluded from non-GAAP results. Non-GAAP net income slipped to $464.0 million from $471.3 million, while the non-GAAP operating margin held at 40.0 percent. Customers contributing more than $100,000 in trailing 12-month revenue rose 8.2 percent to 4,625, and the Enterprise net dollar expansion rate improved to 99 percent from 98 percent.
The company ended the quarter with $7.2 billion in cash and marketable securities, repurchasing about 3.7 million shares during the period. The wider gap between the revenue ceiling and the EPS miss points to margin pressure or higher costs in the quarter, even as demand visibility stays stable.
The guidance raise signals management expects AI-driven demand to keep supporting enterprise growth, but the soft near-term profit outlook suggests competitive pricing pressure persists. Investors will watch the Q3 earnings call for updated segment margins and commentary on Zoom's Anthropic stake, which analysts at Wedbush and Baird value at up to $25 billion if the AI firm reaches a $2 trillion valuation.
This article is for informational purposes only and does not constitute investment advice.
