Bull case
Zoom Communications is benefiting from a clear enterprise-led inflection, with total revenue up 4.9% and enterprise revenue rising 7.8%, its strongest pace in three years, while enterprise customers now represent 62% of revenue and net dollar expansion held at 99%. Its bullish case is reinforced by durable growth drivers in AI, including 125% year-over-year growth in licensed monthly active users of AI features across Zoom Workplace, a 14% increase in total RPO to $4.5 billion, and deferred revenue growth of 6%, all signaling improving demand visibility. Management’s focus on elevating workplace productivity with AI, scaling AI-first customer experience, and expanding new AI products, alongside continued traction in Zoom Phone and Zoom Contact Center, supports long-term monetization and disciplined profitability even as online remains a headwind.