Zoom股价在第四季度增长3.3%后下跌，指引弱于预期

Zoom Communications (NASDAQ:ZM) fell during Tuesday morning trading following its fourth quarter fiscal 2025 results and outlook.

"Following a quarter of relatively solid results but softer topline guidance, we are slightly lowering our FY26 and FY27 revenue estimates by 0.1% and 0.1% respectively," said BofA Securities analysts, led by Michael Funk, in an investor note. "However, we are nudging up our operating income and FCF estimates to reflect continued profitability progress."

BofA reiterated its Neutral rating and $90 price target.

Meanwhile, J.P. Morgan maintained its Neutral as well and its $80 price target on the stock.

"While there are puts and takes around leap year impacts, Zoom's first-blush FY26 revenue CC growth guidance comes in a tick below Street consensus or just about meets it under the most generous adjustments," said J.P. Morgan analysts, led by Mark Murphy, in a note.

"Zoom is now guiding FY26 Total revenue growth to 3.1% CC and, while not necessarily raising new concerns, continues to call out a mixed aspect to the macro environment," Murphy added. "Zoom continues to trade at a relatively low FCF multiple, though admittedly heavily boosted by SBC, but our view is that a re-rating catalyst is in want, and that catalyst would most likely be revenue growth acceleration toward the mid-high single digits or beyond."

Stifel reiterated its Hold rating but lowered its price target to $85 from $90 following the earnings results.

"As emerging growth levers in Contact Center and Workvivo continue to become more meaningful to the top-line, and as paid AI SKUs likely begin to layer in over the back-half of the year and further FY27, we believe Zoom's continued product development over the past few years has created the foundation for a potential return to mid-single-digits growth or better in the coming years," said Stifel analysts, led by J. Parker Lane, in a note.

Zoom competitors, such as Salesforce (CRM), which owns Slack, Microsoft (MSFT), which operates Teams, and Google (GOOG)(GOOGL), were all down slightly during early Tuesday market action.