Zoom二季度业绩略超预期但三季度EPS指引低于市场预期，盘前下跌约6%

Shares of Zoom Communications (ZM) fell about 7% premarket on Wednesday after an underwhelming guidance seemed to disappoint investors who had higher expectations. Meanwhile, Wall Street analysts showed reactions.
For the quarter ended July 31, the cloud-based video conferencing platform reported an adjusted EPS of $1.55 versus the $1.48 consensus estimate, while revenue grew 4.9% year over year to $1.277B, which matched the $1.27B estimate. For the third quarter, Zoom expects revenue of $1.28B, which came in line with consensus, while it expects adjusted EPS between $1.46 and $1.48 (midpoint at $1.47), which is less than the consensus estimate of $1.50.
For the full fiscal year 2027, Zoom increased its adjusted EPS guidance to be between $6.08 and $6.12 (midpoint at $6.10), up from the prior guidance of $5.96 to $6 (midpoint at $5.98). The consensus estimate is $6.16. Zoom also increased its revenue outlook to be between $5.09B and $5.1B compared to prior guidance of $5.08B to $5.09B. The consensus estimate is $5.09B.
Jefferies lowered its price target on the stock to $116 from $118, while keeping a Buy rating, noting that there was healthy Enterprise acceleration, but a mixed outlook is weighing on the shares.
"CC rev growth of +4.7% beat consensus by 72 bps (vs. +92 bps TTM), but op mgn was 50 bps light of consensus. Enterprise growth accel'd to +7.8% y/y, although Online missed despite pricing. FY27 CC rev was raised by slightly less than the beat as Online growth was tempered. Op inc was maintained. We are not surprised by the -4% AH move and believe that positive revisions against the new FY27 guidance will be required to get the stock working again," said analysts led by Samad Samana.
Morgan Stanley increased its price target on Zoom to $107 from $105, while maintaining its Equal-weight rating.
"Q2 strengthens the platform-extension thesis, with record Enterprise growth and strong bookings supported by broader product adoption, but weaker Online top-of-funnel dynamics and unchanged constant currency 2H outlook keeps the timing of a consolidated growth inflection unresolved," said analyst Elizabeth Porter and her team.
The analysts noted that second quarter results were largely in-line. Enterprise trends strengthened, with Enterprise revenue accelerating 7.8% year-over-year, the highest level in three years, despite white-label churn headwinds, the analysts added.
RBC Capital Markets maintained its Outperform rating and $130 price target on Zoom's stock.
"Zoom delivered decent F2Q results, with revenue, billings, and Non-GAAP EPS above cons., while Non-GAAP operating margin came in below. FY27 revenue and Non-GAAP operating income guidance came in line with cons., although the F2Q revenue beat of 0.7% was below the four-quarter average beat of 1.3%, while Non-GAAP EPS and FCF came in ahead," said analysts led by Rishi Jaluria.