Zoom Video Communications, Inc. (NASDAQ:ZM) is under pressure Monday, dropping ahead of its closely watched quarterly earnings report due after the market close on Wednesday.Zoom’s decline is unfolding against a backdrop for equities broadly. The Nasdaq Composite is off 1.25% while the S&P 500 has shed 1.02% on Monday.What Analysts Expect From Q4 2026Wall Street is projecting earnings per share of $1.27 on revenue of $1.23 billion for Q4 2026, according to consensus estimates. That compares to EPS of $1.41 ...

Core Insights - Zoom Video Communications (ZM) is expected to report fourth-quarter fiscal 2026 results on February 25, with projected revenues between $1.23 billion and $1.235 billion, indicating a year-over-year growth of 4.08% [1] - Non-GAAP earnings per share are anticipated to be in the range of $1.48 to $1.49, reflecting a year-over-year increase of 4.96% [2] - The company has maintained a steady consensus estimate for earnings at $1.48 per share, with an average surprise of 8.9% over the last four quarters [2] Revenue and Earnings Expectations - The Zacks Consensus Estimate for revenue is currently pegged at $1.23 billion, aligning with the company's expectations [1] - The Earnings ESP for ZM is 0.00%, and it currently holds a Zacks Rank of 3 (Hold), indicating a neutral outlook for earnings performance [3] Business Environment and Growth Factors - Zoom is navigating a mature growth phase, leading to cautious optimism among investors [4] - The launch of AI Companion 3.0 in December 2025 and new agentic tools are expected to drive enterprise upsell activity [5] - Strategic partnerships with Oracle and NVIDIA are seen as potential growth levers, enhancing customer engagement and enterprise AI capabilities [6] Competitive Landscape and Challenges - The competitive environment remains challenging, with Microsoft Teams, RingCentral, and Cisco Webex aggressively targeting enterprise collaboration budgets [7] - ZM's net dollar expansion rate is at 98%, but online segment growth is only 2%, indicating constraints in expanding within the existing customer base [7] - The projected non-GAAP operating margin for Q4 is 38.9%, slightly down from 41.2% in the previous quarter, suggesting near-term profitability pressure [7] Investor Sentiment - Given the modest growth trajectory and limited near-term catalysts, investors may consider holding existing positions or waiting for a more favorable entry point before increasing exposure [8][9]

Zoom Video stock price has held steady in the past few years as its growth trajectory waned after the COVID-19 boom. ZM was trading at $90, inside a range it has remained at in the past few years. ...

专题：聚焦美股2025年第四季度财报 作者：马丁・皮尔斯 通常，英伟达的财报会是本周最受期待的，但这次情况可能不同。市场对 AI 将 "摧毁" 软件行业的担 忧，已导致今年以来软件股暴跌20% 至 30%（网络安全股上周五也遭遇重挫）。毫无疑问，这些恐慌 有些过度。毕竟，成熟企业在现有客户关系上拥有巨大优势，客户很难轻易弃用。正如 Lead Edge Capital 合伙人埃文・斯科彭上周五接受《The Information》TITV 采访时所说："如果你问大企 业：'嘿，你们能用更便宜的替代品替换掉 Workday 吗？'他们根本没兴趣。" 他指出，软件在大企业运 营支出中占比极小，大企业 "绝不会去尝试那些花里胡哨的解决方案"。 此外，老牌软件公司大多已将新的 AI 工具融入自身产品。坦白说，企业全面采用这些工具至少还需要 几年时间，因此当前的季度财报只能让我们管中窥豹，其影响程度也各不相同。 在关注本周即将到来的大事之前，我们先来聊聊一家将 "魔幻思维" 发挥到极致的公司 ——OpenAI。我 们在上周五晚间报道了该公司最新的长期营收与利润预测。报告中最关键的信息是：2025 年，OpenAI 的 A ...

Core Insights - Wall Street analysts expect Zoom Communications (ZM) to report quarterly earnings of $1.48 per share, reflecting a year-over-year increase of 5% [1] - Revenue is anticipated to reach $1.23 billion, which is a 4.1% increase from the same quarter last year [1] - The consensus EPS estimate has remained unchanged over the past 30 days, indicating a reassessment of projections by analysts [1] Revenue Estimates - Geographic Revenue from Asia Pacific (APAC) is expected to be $150.92 million, showing a 3% increase from the prior year [4] - Geographic Revenue from Europe, Middle East, and Africa (EMEA) is projected to reach $195.15 million, indicating a 4.3% increase year-over-year [4] - Geographic Revenue from the Americas is forecasted at $886.69 million, reflecting a 4.2% increase from the previous year [4] Customer Metrics - The average prediction for Enterprise Customers stands at 187,139, down from 192,600 in the same quarter last year [5] - Analysts estimate that Customers generating over $100K in TTM Revenue will total 4,431, compared to 4,088 in the same quarter last year [5] Performance Obligations - Current Remaining Performance Obligation (RPO) is expected to be $2.40 billion, up from $2.25 billion reported in the same quarter last year [6] - Remaining Performance Obligations (RPO) are estimated at $4.05 billion, compared to $3.80 billion in the same quarter last year [6] - Non-Current Remaining Performance Obligation (RPO) is projected to reach $1.64 billion, an increase from $1.55 billion reported in the same quarter last year [7] Stock Performance - Over the past month, Zoom shares have returned +7.5%, while the Zacks S&P 500 composite has seen a -0.8% change [7] - Currently, ZM holds a Zacks Rank 3 (Hold), suggesting its performance may align with the overall market in the near future [7]

Core Viewpoint - Zoom Communications is experiencing fluctuations in stock performance, with a recent decline of 4.4% while showing a significant monthly gain of 14.38% compared to broader market indices [1] Financial Performance Expectations - The upcoming earnings report on February 25, 2026, is anticipated to show earnings of $1.48 per share, reflecting a year-over-year growth of 4.96% and revenue of $1.23 billion, indicating a 4.08% increase from the same quarter last year [2] - For the full year, analysts expect earnings of $5.96 per share and revenue of $4.85 billion, representing increases of 7.58% and 4% respectively from the previous year [3] Analyst Sentiment - Recent changes in analyst estimates suggest a favorable outlook on Zoom Communications' business health and profitability, indicating positive near-term trends [4] - The Zacks Rank system currently rates Zoom Communications at 3 (Hold), with a stagnant consensus EPS projection over the past 30 days [6] Valuation Metrics - Zoom Communications has a Forward P/E ratio of 15.6, which is lower than the industry average of 19.23, indicating it is trading at a discount [7] - The company has a PEG ratio of 5.43, significantly higher than the industry average of 1.14, suggesting that its projected earnings growth is not being reflected in its current valuation [8] Industry Context - The Internet - Software industry, to which Zoom belongs, ranks in the top 36% of all industries according to the Zacks Industry Rank, indicating a relatively strong position within the market [8]

Group 1 - Zoom Communications, Inc. is viewed positively by Wall Street ahead of its fiscal Q4 2026 earnings, with analysts upgrading the stock and raising price targets [1][2][3] - Analyst Alex Zukin from Wolfe Research highlights the company's strengths in contact center and phone businesses, as well as emerging voice AI features that are expected to drive growth [2] - Wedbush expresses confidence in Zoom's AI strategy, noting robust double-digit growth in annual recurring revenue (ARR) for its AI products [3] Group 2 - Zoom Communications expects fiscal Q4 2026 revenue between $1.230 billion and $1.235 billion, with non-GAAP income from operations projected between $477.0 million and $482.0 million [3] - The company offers an AI-powered collaboration platform called Zoom Workplace, which includes tools for video meetings, team chat, phone systems, and productivity apps enhanced by AI Companion [4]

Core Viewpoint - Digital Turbine (APPS) is currently viewed as a more attractive undervalued stock compared to Zoom Communications (ZM) based on various financial metrics and rankings [1][3][6]. Group 1: Zacks Rank and Earnings Outlook - Digital Turbine has a Zacks Rank of 1 (Strong Buy), indicating a positive earnings estimate revision trend, while Zoom Communications has a Zacks Rank of 2 (Buy) [3]. - The Zacks Rank system emphasizes companies with improving earnings outlooks, suggesting that APPS is likely experiencing a more favorable earnings forecast than ZM [3]. Group 2: Valuation Metrics - Digital Turbine has a forward P/E ratio of 12.28, significantly lower than Zoom Communications' forward P/E of 16.07, indicating that APPS may be undervalued relative to ZM [5]. - The PEG ratio for Digital Turbine is 0.30, while Zoom Communications has a PEG ratio of 5.60, further suggesting that APPS is a better value option considering expected earnings growth [5]. - Digital Turbine's P/B ratio stands at 2.55 compared to Zoom Communications' P/B of 3.04, reinforcing the notion that APPS is more attractively priced [6]. Group 3: Value Grades - Digital Turbine has a Value grade of B, while Zoom Communications has a Value grade of C, indicating that APPS is perceived as a stronger value investment at this time [6].

Core Insights - Omdia's latest analysis indicates that AI, cybersecurity, robotics, and sustainability are accelerating their integration, reshaping the Pro AV market ahead of the Integrated Systems Europe (ISE) 2026 event in Barcelona, scheduled for February 3-6, 2026 [1] Group 1: AI-Driven AV Technology - AI is redefining the Pro AV industry, extending its impact beyond software to dedicated hardware innovations optimized for AI. Manufacturers are expected to showcase AI-driven AV technologies that upgrade professional displays from mere content playback devices to intelligent interactive terminals [2] - These displays will integrate multimodal perception capabilities, including visual, voice, and environmental awareness, combined with edge AI reasoning for real-time, personalized content presentation and adaptive content management [2] - A key challenge for the industry is scaling these solutions and promoting them across various verticals, which relies on ecosystem collaboration, supply chain maturity, and the continuous improvement of industry standards [2] Group 2: Unified Communication and Collaboration Ecosystem - Major collaboration platforms like Microsoft Teams, Zoom, and Google are expected to showcase integrated solutions aimed at simplifying Pro AV deployment and providing a consistent collaboration experience across various meeting spaces [2] - As enterprises continue to upgrade meeting rooms and office spaces, platforms such as Microsoft Teams, Zoom, and Google Meet are becoming standard for collaboration, leveraging their deep integration advantages within their ecosystems [2] - There is an increasing investment in officially certified collaboration display devices and video conferencing terminals optimized for Teams, Zoom, and Google Meet, although the lack of native interoperability between these platforms remains a significant challenge for enterprises seeking flexibility and a unified experience [3] Group 3: Emerging Display Technologies - Innovations in electronic paper technology are being pursued, with advantages such as glare-free and flicker-free displays, energy efficiency, and eye protection. However, current size limitations (primarily below 31.5 inches) restrict its application mainly to indoor or semi-outdoor environments [6] - Micro-LED technology is driving the transition of display products from "traditional screens" to "spatial interactive interfaces." While pixel pitch is not expected to shrink below 0.3mm in the short term, cost reductions and yield improvements are anticipated by 2026 [6] - The ISE 2026 event may also showcase higher brightness fixed-size outdoor displays, 21:9 all-in-one display products, larger OLED displays with professional AV characteristics, and other cutting-edge display technology products [6]

Core Insights - The report summarizes significant analyst rating adjustments that could influence market trends, highlighting both upgrades and downgrades across various companies [1]. Upgrades - B. Riley upgraded Snap (SNAP) from Neutral to Buy, maintaining a target price of $10, citing strong growth in high-end subscription revenue and the rollout of high-margin advertising formats [5]. - Seaport Research upgraded FuboTV (FUBO) from Neutral to Buy with a target price of $3, viewing current uncertainties as a quality investment opportunity following a significant stock drop post-earnings [5]. - Wolfe Research upgraded Zoom Video Communications (ZM) from Peer Perform to Outperform, setting a target price of $115, anticipating a re-acceleration in growth and strong performance in its contract center and phone business [5]. - Jefferies upgraded Celanese (CE) from Hold to Buy, raising the target price from $43 to $86, suggesting it is a good time to buy despite potential earnings volatility in the first half of 2026 [5]. - Cantor Fitzgerald upgraded DigitalOcean (DOCN) from Neutral to Overweight, increasing the target price from $47 to $68, emphasizing its focus on digital-native enterprises and a strong foundation for market expansion [5]. Downgrades - Stifel downgraded Microsoft (MSFT) from Buy to Hold, reducing the target price from $540 to $392, citing supply issues with Azure and strong competition from Google Cloud [5]. - Susquehanna downgraded Qualcomm (QCOM) from Positive to Neutral, lowering the target price from $210 to $140, recommending a wait-and-see approach due to industry challenges [5]. - Citigroup downgraded Six Flags Entertainment (FUN) from Buy to Neutral, cutting the target price from $25 to $20, citing overvaluation after a 40% increase since November [5]. - Jefferies downgraded Steven Madden (SHOO) from Hold to Underperform, lowering the target price from $37 to $30, highlighting ongoing pressures in its wholesale business [5]. - JPMorgan downgraded Corteva (CTVA) from Overweight to Neutral, raising the target price from $75 to $77, based on valuation considerations [5]. Initiations - Benchmark initiated coverage on Cava Group (CAVA) with a Buy rating and a target price of $80, recognizing its leading position in the Mediterranean dining category [5]. - H.C. Wainwright initiated coverage on Incyte (INCY) with a Buy rating and a target price of $135, noting potential catalysts that could stabilize revenue expectations post-Jakafi patent expiration [5]. - Bernstein initiated coverage on Coupang (CPNG) with an Underperform rating and a target price of $17, favoring companies with strong growth potential driven by online penetration [5]. - Benchmark initiated coverage on Andersons (ANDE) with a Buy rating and a target price of $75, highlighting the growth momentum in its ethanol business [5]. - Bank of America initiated coverage on Wave Life Sciences (WVE) with a Buy rating and a target price of $38, emphasizing the differentiated advantages of its obesity drug WVE-007 [6].