❯ Zoom Q2 Revenue Up 4.9% YoY to $1.28B; Q3 Profit Guidance Misses Expectations

FINANCIALSZoom reported Q2 fiscal 2027 revenue of $1.28 billion, up 4.9% year over year, slightly above the $1.27 billion market consensus; enterprise revenue rose 7.8% to $787.5 million, the fastest growth in nearly three years. Adjusted EPS was $1.55, above the $1.48 expected.

GUIDANCE GAPThe company raised its full-year guidance: revenue of $5.085 billion to $5.095 billion and adjusted EPS of $6.08 to $6.12, both above prior forecasts. But Q3 adjusted EPS guidance missed analyst expectations, with revenue guidance of $1.275 billion to $1.280 billion, roughly flat sequentially — the combination of raising the full year while lowering the current quarter typically corresponds to AI-related spending being concentrated in the second half.

GROWTH CEILINGThe gap between the ~5% overall growth rate and the 7.8% enterprise growth rate is being dragged down by the consumer and SMB business. Zoom has spent the past two years telling the AI Companion story, yet the revenue mix has yet to show signs of being rewritten by AI. Going forward, the metric to watch is whether enterprise growth can hold above 7% for two consecutive quarters — if not, this AI transformation narrative amounts to no more than a tool feature upgrade.

▪ SIGNALThree-year-high enterprise growth can’t move the overall needle; Zoom’s AI story currently holds only among its highest-paying customers.