Zoom(US:ZM) 智通财经网·2025-08-25 07:06Core Insights - Goldman Sachs reiterated a "Neutral" rating and a target price of $87 for Zoom Video Communications (ZM.US) following the company's second-quarter earnings report that exceeded expectations [1] - The report highlighted strong growth in AI applications, with monthly active users of AI Companion increasing fourfold year-over-year [1] - The company reported a 4.7% year-over-year revenue growth, surpassing market expectations by 1.6%, marking the largest revenue beat in four quarters [1] Financial Performance - The non-GAAP operating margin was 41%, exceeding market expectations by 260 basis points, while free cash flow also exceeded expectations by 29% [1] - Gross margin reached 76.38%, and the PEG ratio was 0.88, indicating attractive valuation relative to growth potential [1] - The financial health score of the company is rated as "excellent," suggesting the stock may be undervalued based on fair value analysis [1] Business Segments - Enterprise business revenue grew by 7% year-over-year, outperforming the previous quarter's growth of 5.9% and last year's 3.5% [2] - The net expansion rate remained stable at 98%, although the online churn rate increased to 2.9% quarter-over-quarter, remaining flat year-over-year [2] - Zoom cautiously raised its fiscal 2026 revenue guidance by 0.1%, excluding approximately $20 million in excess [2] Future Outlook - The company anticipates a slowdown in revenue growth for the third quarter due to a high comparison base and reduced earnings from professional services, with a projected acceleration in the fourth quarter driven by strong enterprise business momentum [2] - Analysts maintain a neutral stance on the stock, reflecting a balanced view of Zoom's financial performance and its ability to consistently exceed earnings expectations in recent quarters [2]