Zoom二季报电话会强调企业业务与AI产品增长，但未提供相对已披露财报的新重大增量

Earnings Call Insights: Zoom Communications (ZM) Q2 FY 2027
"FY '27 continues to progress well" (Founder, President, CEO & Chairman Eric Yuan), as he highlighted "Total revenue grew 4.9%, with Enterprise revenue growing 7.8%, its strongest rate in 3 years," and said the Enterprise acceleration was "driven by our focused execution against our three priorities of elevating workplace with AI, scaling AI-first customer experience, and driving growth in new AI products" (CEO Yuan).
"Licensed monthly active users of our AI features in Workplace grew 125% year over year" (CEO Yuan), and he described usage broadening "from reactive communication summaries into active querying and building workflows" (CEO Yuan).
Enterprise deal commentary centered on multi-product expansion and vendor displacement: "one of the largest U.S. tech companies renew[ed] Zoom Workplace in a deal that expanded its ARR by $1.9 million" (CEO Yuan); he also said Workvivo "surpassed $100 million in ARR" (CEO Yuan) and introduced "Workvivo HQ, an AI-native digital headquarters" (CEO Yuan).
Customer experience and agentic AI were positioned as monetization drivers: "Zoom CX ARR continued to grow at a high double-digit year-over-year rate" and "we set a record for the number of seven-figure ARR deals" (CEO Yuan), while "paid AI" was included "in 9 of the top 10 Zoom CX deals" (CEO Yuan). He added Zoom Virtual Agent had "customer count growing more than 250% year over year" (CEO Yuan).
"In Q2, total revenue grew 4.9% year over year to $1.28 billion" (Chief Financial Officer Michelle Chang), and she emphasized deal quality and duration: "our RPO increased 14% year over year to approximately $4.5 billion, driven by non-current RPO growth of 25%" (CFO Chang).
"For Q3, we expect revenue to be in the range of $1.275 billion to $1.28 billion" and "our outlook for non-GAAP earnings per share is $1.46 to $1.48" (CFO Chang).
"For the full year of FY '27, we are excited to raise our revenue and EPS guidance" (CFO Chang): "revenue to be in the range of $5.085 billion to $5.095 billion" and "non-GAAP earnings per share in FY '27 is increasing to $6.08 to $6.12" (CFO Chang). She added the revenue raise assumes "Enterprise revenue is growing faster than expected, partially offset by flat online growth" (CFO Chang).
Versus last quarter’s messaging, Q2 introduced a more cautious Online posture: "we took the opportunity to kind of slightly temper the expectation on online" and "we adjusted that...to flat" (CFO Chang), while she called out a discoverability shift: "people are just discovering products in different ways" (CFO Chang).
Profitability and cash generation remained central: "Non-GAAP operating margin for Q2 was 40.0%" and "free cash flow in the quarter was $472 million" (CFO Chang). Balance sheet and capital returns: "We ended the quarter with $7.2 billion in cash" and "we repurchased 3.7 million shares for approximately $352 million" (CFO Chang).
Items investors flagged as demand signals were elevated in prepared remarks: "Deferred revenue...grew 6% year over year to $1.56 billion" (CFO Chang), alongside the RPO growth noted above.
Matthew Bullock, BofA Securities: asked about Phone demand and modeling; Chief Financial Officer Chang said, "we are really encouraged with our Phone results," adding "10 of our top 10 deals were takeouts" and citing momentum in "Teams integration" plus Phone as a pathway to "ZRA deals, ZoomMate deals, Zoom Virtual AI Receptionist deals" (CFO Chang).
Samik Chatterjee, JPMorgan: asked what is driving larger deals and margin pressure; CFO Chang said Contact Center was "in high double digit" and "driven by AI," while on compute costs she noted "AI usage spike with some of our new products" and reiterated confidence in "our federated approach in AI" and "confidence on the long term 80%" gross margin target (CFO Chang).
James Fish, Piper Sandler: asked about consumption pricing and Online price elasticity; CFO Chang said Zoom uses "full consumptive, outcome-based, and a combination" models, and on Online pricing added, "we did not really see a massive or really any change in our churn" after "roughly 6%" all-up price increases (CFO Chang).
Tyler Radke, Citi: pressed for Zoom CX ARR milestones; CFO Chang declined, saying, "we are going to give them periodically as it makes sense" and added, "you can sort of guesstimate from there" (CFO Chang). He also asked capex; she said free cash flow benefited "by about $40 million" after extending a data center asset’s useful life "by 2 years" (CFO Chang).
Analyst tone was slightly positive and focused on durability of Enterprise acceleration and AI monetization, using phrases like "strongest RPO quarter" and asking how much to "read into that" (Matthew Bullock, BofA Securities; Aleksandr Zukin, Wolfe Research).
Management tone was positive and confident, repeatedly framing momentum as durable: "we are really encouraged" (CFO Chang) and "we have high confidence" in competitive positioning (CEO Yuan), while using more cautious language only on Online: "out of prudence" (CFO Chang).
Compared with last quarter, Q2 sounded more execution-focused (RPO, takeouts, longer deals) and less centered on management/organizational updates; Q1 included a leadership announcement: "we appointed Russell Dicker as Chief Product Officer" (CEO Yuan).
Guidance direction stayed upward in both quarters, but Q2 further lifted full-year targets: Q1 guided FY '27 revenue of "$5.08 billion to $5.09 billion" and EPS of "$5.96 to $6" (CFO Chang, Q1), while Q2 guided "$5.085 billion to $5.095 billion" and "$6.08 to $6.12" (CFO Chang, Q2).
AI adoption metrics moderated from Q1 to Q2: Q1 said paid AI Companion MAUs grew "184% year-over-year" (CEO Yuan, Q1) versus Q2 saying Workplace AI-feature MAUs grew "125% year over year" (CEO Yuan, Q2).
Q2 emphasized CX and ZVA commercialization and “takeouts” in Phone, while Q1 leaned more heavily on Workplace AI launches (e.g., "My Notes") and introduced additional monetization layers (e.g., "Zoom AI services") (CEO Yuan, Q1).
Online growth uncertainty was the clearest cited risk: "we're adjusting that really due to dynamics that we saw in Q2 at the top of funnel" (CFO Chang), which she linked to customers moving "from search to more AI" discovery (CFO Chang).
AI compute pressure was acknowledged: "we had a little bit of a growth in expenses this quarter as we saw AI usage spike" (CFO Chang), with mitigation described as optimization plus "our federated approach in AI" to route to "the right cost" models (CFO Chang).
Management described Q2 as an Enterprise-led quarter, with Eric Yuan citing a 3-year high in Enterprise revenue growth and multiple multi-product wins, and Michelle Chang pointing to raised FY '27 revenue, EPS, and free cash flow guidance while holding operating-income guidance range. In Q&A, analysts repeatedly tested the durability of bookings/RPO strength and AI monetization mechanics, while management leaned on “takeouts,” longer-term platform deals, and a federated AI cost approach—tempering only Online expectations due to top-of-funnel discovery changes.