Zoom Communications (NASDAQ: ZM) reports second-quarter earnings after market close on Tuesday, August 25. While analysts project a continuation of its revenue beat streak, investor focus is increasingly shifting to the company’s private stake in AI firm Anthropic.

Analysts expect quarterly earnings of $1.48 per share, down from $1.53 per share in the year-ago period. Consensus estimates project revenue of $1.27 billion, compared to $1.22 billion last year. This represents a modest year-over-year increase, reflecting sustained customer traction despite intensifying competition from Alphabet and Microsoft.

Zoom has beaten analyst estimates for revenue in 15 straight quarters and for earnings per share in nine of the last 10 quarters overall.

Analyst Ratings and Price Targets

Several prominent analysts have recently revised their outlooks for Zoom. BTIG analyst Allan Verkhovski maintained a Buy rating with a price target of $125, citing strong fundamentals and acceleration in the Enterprise segment. Verkhovski noted that shares are up 29% year-to-date, driven by top-line acceleration and the growing value of its stake in Anthropic.

HSBC analyst Stephen Bersey increased the price target from $107 to $133 on June 2, 2026, maintaining a Buy rating. Rosenblatt Securities analyst Catharine Trebnick maintained a Buy rating with a $130 price target on August 21, 2026. Needham analyst Joshua Reilly also maintains a Buy rating with a $130 target.

UBS analyst Taylor McGinnis raised the price target from $105 to $115 on August 20, 2026, while maintaining a Neutral rating. RBC Capital analyst Rishi Jaluria maintains an Outperform rating with a $130 target. Cantor Fitzgerald maintains a Neutral rating with a $104 target.

The Anthropic Stake Factor

The biggest catalyst for Zoom stock may be its quiet investment in Anthropic. Zoom invested $51 million in Anthropic back in 2023 and maintains a stake today. With Anthropic facing IPO speculation and a potential $2 trillion valuation, this position could significantly impact Zoom’s valuation.

When Anthropic reached a $900 billion valuation in May, Wedbush estimated Zoom’s position was worth between $4.11 billion and $11.31 billion. Baird estimated it at $5.14 billion to $10.28 billion. A $2 trillion valuation for Anthropic would more than double those ranges:

• Wedbush estimate: $9.12 billion to $25.11 billion
• Baird estimate: $11.41 billion to $22.82 billion

With a current market capitalization of $31.5 billion, Zoom stock could be undervalued based on the Anthropic stake alone. Baird previously called the stake a “hidden gem,” suggesting it could be more valuable than Zoom’s revenue and AI offerings in the future.

What the Numbers Show

The previous quarter’s data highlights a divergence between top-line revenue growth and user adoption metrics. While revenue rose by only 5.5% in the March quarter to $1.23 billion, the number of AI Companion users surged by 184%. This suggests that while the user base for new AI features is expanding rapidly, this adoption has not yet translated into proportional revenue growth. Enterprise revenue accounted for $755 million of the total, indicating continued reliance on large clients despite the slow overall growth rate.

In the first quarter, Zoom reported enterprise revenue up 7.2% year-over-year and online revenue up 2.8% year-over-year. Strong growth in both segments in the second quarter could provide a bullish case for the stock moving forward.

Valuation and Technical Outlook

The stock appears undervalued relative to peers, with a forward price-to-earnings ratio of 17.6, below the sector median of 23.20 and its five-year average of 19.60. Its Rule-of-40 multiple stands at 44.8%.

Technically, the stock has moved from a low of $82.21 in June to $107.43. It is forming a bullish pennant pattern, with the Supertrend indicator remaining green since late July. The stock trades above the 50-day moving average, with an initial technical target of $110.9 if a breakout occurs post-earnings. Shares were down 1.8% to $105.46 on Monday, versus a 52-week trading range of $70.70 to $114.74.

Corporate Developments

Zoom recently announced the appointment of Carlos Quaderi as Head of Asia Pacific. Analysts also anticipate commentary on the financial impact of its acquisition of Common Room, an AI intelligence platform.

Zoom Communications, Inc. (NASDAQ: ZM) will release its financial results for the second quarter of fiscal year 2027 on Tuesday, August 25, 2026, after the market closes. The announcement provides investors with a confirmed timeline to assess the company’s performance in the period ending June 30, 2026. As a leading provider of cloud communications and collaboration tools, Zoom’s quarterly results are closely watched by analysts tracking trends in remote work adoption and enterprise software spending.

The company will host a live Zoom Webinar to discuss the results at 2:00 pm PT / 5:00 pm ET. Investors and analysts can access the event through Zoom’s investor relations website at https://investors.zoom.com . A replay of the webinar will be available approximately two hours after the conclusion of the live event, ensuring accessibility for stakeholders in different time zones.

Event Details

Zoom, founded in 2011 and headquartered in San Jose, California, describes itself as a system of action for modern work. The platform enables customers ranging from entrepreneurs to global enterprises to collaborate across meetings, phone, and contact center services, supported by built-in Zoom AI assistance.

Karen Modlin, Head of Corporate Communications, and Charles Eveslage, Head of Investor Relations, are the designated contacts for media and investor inquiries regarding this announcement. The company did not provide specific financial guidance or preliminary metrics in this notice, limiting the immediate material impact to scheduling clarity for market participants.