ZOOM (-) : FQ1’27 postview: Growth investments slowly moving the needle

研报英文原文证据摘录

ZOOM (-) : FQ1’27 postview: Growth investments slowly moving the needle

EQUITIES

SOFTWARE

ZOOM UNDERPERFORMPRICE* USD100.1  TARGET PRICE USD79 (DOWNSIDE 21%) TARGET 20%PRICE EPS 01/27e-2% EPS01/28e1%

FQ1’27 postview: Growth investments slowly moving the

needle

Zoom shares reacted positively to 1Q beat and FY guidance raise27 MAY 2026

Securities Research Report Investors reacted positively to Zoom’s 1Q earnings results. Zoom reported a 1Q beat with growth of

Production time: 00:06* (London time) ~5% CCY coming in ahead of high-end guidance at ~4%. The company raised FY27 top line growth

Research Analysts & Publishing Entities guidance by ~20bps to ~4.0%-4.2% CCY, flowing through only a portion of the beat, and now even

Stefan Slowinski with last year’s growth at the high-end. Both segments showed similar growth to last quarter with

BNP Paribas London Branch Enterprise growth of ~7% and Online growth of ~3% CCY. We note diverging retention dynamics(+44) 203 430 8549

stefan.slowinski@uk.bnpparibas.com within the segments with Enterprise TTM Net Dollar Expansion Rate improving to 99%, while Online

monthly churn ticked up to 3.0%. Emerging products continue to drive top line growth for Zoom withKeeler Patton

BNP Paribas Securities Corp1 Phone still growing mid-teens (we est. Phone may be ~$800m of ARR, ~17% of group) and Contact

(+1) 646 342 6138 Center still at high double-digit growth and accelerating. The company is reported larger and longer

keeler.patton@us.bnpparibas.com duration wins in these products.

Daniel Wang

BNP Paribas Securities Corp1 AI engagement growing on Zoom’s platform with multiple monetizable SKUs in market

+1 646 785 3326 Zoom continues to report high engagement with its AI offerings. AI Companion paid MAUs grew

daniel.wang@us.bnpparibas.com