Zoom Earnings: Good Results Driven by Enterprise, Contact Center, and AI; Guidance In Line

We are maintaining our fair value estimate of $92 per share for narrow-moat Zoom after the company reported good fourth-quarter results that came in better than we anticipated on both the top and bottom lines, while full-year fiscal 2026 guidance was largely in line with our expectations. With recent positive trends continuing and guidance consistent with our model, we made only modest changes to our model based on the new outlook. Shares performed well over the last six months and after flirting with our fair value, have pulled back in the last month such that we once again see some upside.