Zoom（ZM）今日盘后股价大跌5.01%，引起了市场的广泛关注。
消息面上，Zoom公布的第四季度盈利未达到分析师预期，同时发布了低于市场预期的未来季度及财年利润指引。公司预计第一季度调整后每股收益为1.40至1.42美元，低于分析师普遍预期的1.45美元；对于整个2027财年，调整后每股收益指引为5.77至5.81美元，也显著低于预期。
分析认为，利润预期不及预期主要源于激烈的市场竞争和向人工智能（AI）转型带来的成本压力。Zoom正面临来自微软Teams和谷歌Meet等捆绑了更广泛办公套件的竞争对手的挤压，同时，公司为提供基于AI的办公协作产品（如企业电话系统和呼叫中心软件）而投入的高昂成本，给其营业利润率带来了压力。在疫情后增长放缓的背景下，这些因素共同导致了市场对其盈利能力的担忧。
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