视频会议软件公司Zoom（ZM）今日盘前股价大跌5.54%，引发了市场的广泛关注。
消息面上，此次股价下跌主要源于公司发布的第四季度业绩及未来盈利指引双双不及市场预期。Zoom公布的第四季度调整后每股收益为1.44美元，低于分析师预期的1.49美元。更为关键的是，公司对2027财年第一季度及全年的利润展望均低于市场共识，其中第一季度调整后每股收益指引为1.40至1.42美元，低于预期的1.45美元；全年调整后每股收益指引为5.77至5.81美元，显著低于分析师平均预期的6.06美元。
分析指出，利润预期疲软反映了Zoom在激烈市场竞争和业务转型中面临的挑战。公司正面临来自微软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，Zoom为推广基于人工智能（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持续压力，在疫情后增长放缓的背景下，加剧了市场对其盈利能力的担忧。
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