Zoom Muddles Along, Moves the Goalposts

Here's our initial take on Zoom Communications' (ZM -1.70%) fiscal year 2025 fourth-quarter results.Key MetricsMetricQ4 FY24Q4 FY25Changevs. ExpectationsRevenue$1.15 billion$1.18 billion+3%BeatEarnings per share (adjusted)$1.42$1.41-1%BeatOperating cash flow$351.2 million$424.6 million+21%n/aEnterprise customer net dollar expansion rate101%98%-300 BPSn/aWeak growth, customer churn have changed the storyZoom's growth problems in recent quarters continued through the end of fiscal 2025 (ended Jan. 31, 2025). ...