Here are 1-3 brief analogies for Zoom Communications:

• Zoom is like Google for online meetings.
• Zoom is like Skype for professional video calls.
• Zoom is like Cisco Webex for the modern enterprise.

• Zoom Meetings: A cloud-based platform offering high-quality video conferencing and collaboration for online meetings. (Service: Communication Platform)
• Zoom Phone: A cloud phone system (VoIP) providing enterprise-grade voice communication and calling features across various devices. (Service: Communication Platform)
• Zoom Rooms: An integrated software and hardware solution designed to equip conference rooms with video conferencing capabilities and facilitate collaboration. (Service: Meeting Room Solution)
• Zoom Webinars & Events: A platform for hosting large-scale virtual events, webinars, and conferences with interactive features. (Service: Event Management Platform)
• Zoom Contact Center: An omnichannel contact center solution built for customer service and support, integrated within the Zoom platform. (Service: Customer Service Platform)
• Zoom Whiteboard: A persistent digital canvas for real-time visual collaboration, available across meetings, rooms, and devices. (Service: Collaboration Tool)
• Zoom Team Chat: A persistent messaging service for team communication, file sharing, and collaboration integrated within the Zoom application. (Service: Communication Platform)

Zoom Communications (symbol: ZM) primarily sells its unified communications platform and services to other companies and organizations, rather than primarily to individuals for its main revenue streams.

Zoom's customer base is highly diversified. According to its public filings, including its most recent Form 10-K, no single customer accounts for 10% or more of its total revenue. Therefore, specific names of "major customer companies" cannot be identified in that traditional sense.

Instead, Zoom serves a broad range of paying customers across various sectors. The primary categories of organizations that purchase Zoom's services include:

• Businesses and Enterprises: This category encompasses a wide spectrum, from small and medium-sized businesses (SMBs) to large multinational corporations across virtually every industry, including technology, finance, retail, manufacturing, and professional services.
• Educational Institutions: Zoom is widely adopted by K-12 schools, colleges, and universities globally for remote learning, virtual classrooms, and administrative meetings.
• Government and Healthcare Organizations: Public sector entities and healthcare providers utilize Zoom for secure communication, telehealth services, and internal collaboration.

• Amazon.com, Inc. (AMZN)
• Oracle Corporation (ORCL)

Eric S. Yuan, Founder and Chief Executive Officer

Eric S. Yuan founded Zoom in 2011. Prior to founding Zoom, he served as the corporate vice president of engineering at Cisco, overseeing its collaboration software development. He was also one of the founding engineers and vice president of engineering at Webex, which was later acquired by Cisco in 2007. Yuan left Cisco in 2011 after his proposal for a new smartphone-friendly video conferencing system was rejected. He holds 29 issued and 28 pending patents in real-time collaboration and communication.

Kelly Steckelberg, Chief Financial Officer

Kelly Steckelberg joined Zoom in November 2017 and was instrumental in leading the company through its successful IPO in 2019. Before her tenure at Zoom, she held the positions of CEO, CFO, and COO at Zoosk, a dating application. During her time as CEO, Zoosk canceled an anticipated IPO, and Steckelberg made significant operational decisions, including staff reductions. Her career also includes roles as Senior Director of Consumer Segment Finance at Cisco, and various finance positions at Cisco Webex, Epiphany, PeopleSoft, and KPMG, where she began in tax and audit.

Aparna Bawa, Chief Operating Officer and Interim Chief Legal Officer

Aparna Bawa joined Zoom in 2018, initially serving as Chief Legal Officer. She brings expertise in building operations and infrastructure for rapidly growing technology companies. Previously, she was Senior Vice President and General Counsel for Magento Commerce, which was acquired by Adobe in 2018. Before Magento, she was Vice President and General Counsel for Nimble Storage, playing a key role in its 2013 IPO and its subsequent sale to Hewlett Packard Enterprise in 2017. Bawa also worked as an investment banker at Lehman Brothers and Deutsche Bank, where she managed numerous IPO and M&A transactions for technology clients.

Velchamy Sankarlingam, President of Product and Engineering

Velchamy Sankarlingam joined Zoom in 2020 and oversees the company's product, engineering, DevOps, digital transformation, and support functions. Prior to Zoom, he spent over nine years at VMware, where his most recent role was Senior Vice President of Cloud Services Development and Operations, managing a business unit in R&D and being responsible for the company's entire infrastructure, including building and operating one of the largest private clouds. Before VMware, he was Vice President of Engineering and Operations at Cisco, responsible for Webex's engineering and operations. He also held Vice President positions at Webex (acquired by Cisco) and Presenter.com (acquired by Webex), and worked at Andersen Consulting (now Accenture), IBM, Network Computing Devices, and Standard Microsystems.

Abhisht Arora, Chief Strategy Officer

Abhisht Arora joined Zoom in 2021 as Chief Strategy Officer, where he is responsible for key growth initiatives, including monetization, corporate development, and strategic planning. With over two decades of experience in technology, he previously served as Vice President of Product at Microsoft Teams. During his 20-year career at Microsoft, he held senior business and product leadership roles across various divisions such as Xbox, Bing, Windows, Office, and Surface, and contributed to product innovations like Xbox Game Pass.

The public company Zoom Communications (symbol: ZM) faces several key risks to its business, primarily stemming from an intensified competitive landscape, the challenge of sustaining growth post-pandemic, and ongoing cybersecurity and privacy concerns.

1. Intense Competition and Market Saturation: Zoom operates in a highly competitive market, facing significant pressure from tech giants like Microsoft Teams and Google Workspace. These competitors leverage their existing ecosystems to bundle video conferencing with other services, making it challenging for Zoom to retain and acquire customers. The market for core Unified Communications as a Service (UCaaS) offerings has also reached a level of saturation. This competitive environment makes it difficult for Zoom to find new customers or increase net dollar retention, leading to a weak 98% net revenue retention rate. Fading demand for hybrid work solutions in the post-pandemic era could further diminish Zoom's margins.
2. Slowing Revenue Growth and Future Growth Uncertainty: Following explosive growth during the COVID-19 pandemic, Zoom has experienced a significant slowdown in revenue growth rates. The company's ability to find new customers and increase retention has become more difficult, despite increasing research and development expenses. Analysts project modest revenue growth for Zoom in the coming years, potentially trailing competitors. Macroeconomic headwinds, such as corporate cost-cutting in remote work tools, also contribute to pressure on revenue. This uncertain forward growth, coupled with minimal projected earnings per share increases, poses a risk to investor confidence.
3. Cybersecurity and Privacy Issues: Zoom has a history of facing scrutiny over its cybersecurity and privacy practices. Concerns were raised by entities such as the FBI, Google, and SpaceX regarding its encryption practices, with reports indicating that Zoom's "end-to-end encryption" claims were inaccurate. These issues led to a class-action lawsuit from investors and accusations of sharing confidential user data with third parties without consent. Incidents like "Zoombombing," where uninvited guests disrupted meetings, also highlighted security vulnerabilities. While Zoom has addressed some of these concerns, the platform remains susceptible to various security threats, including malware, phishing attacks, and data breaches, and compromised Zoom accounts have been found on the dark web. Past security mishaps resulted in large corporate clients abandoning the platform, impacting Zoom's stock negatively.

Zoom Communications (ZM) operates within several significant addressable markets for its main products and services:

• Unified Communications as a Service (UCaaS): The global UCaaS market was projected to grow from USD 15.8 billion in 2019 to USD 24.8 billion by 2024, with a Compound Annual Growth Rate (CAGR) of 9.5%. Another projection indicates this market is expected to reach USD 36.45 billion by 2026, at a CAGR of 10.5%. The total addressable market for cloud communications is estimated to be over $100 billion globally.

• Video Conferencing Software (including Zoom Meetings): The global video conferencing market was estimated to be over $10 billion USD as of 2023. It is expected to reach $22.5 billion globally by 2026. The U.S. video conferencing market is projected to grow at a CAGR of more than 8% between 2024 and 2030. Zoom holds a 55.91% share of the global videoconferencing software market. In the broader "meeting" market, Zoom has a 65.53% market share.

• Virtual Meeting Software (broader category including various Zoom offerings): The global virtual meeting software market was valued at USD 19.04 billion in 2023 and is expected to reach USD 157.96 billion by 2032, growing at a CAGR of 26.5% during the forecast period (2024–2032).

• Webinars and Virtual Events: The global webinars and virtual events market was valued at $1.57 billion in 2020 and is projected to reach $4.44 billion in 2025.

• Cloud Business Telephony (including Zoom Phone): In the cloud business telephony market, Zoom Phone has a market share of 1.08%. In the broader Unified Communications category, Zoom Phone has a market share of about 0.1%. Zoom Phone recently surpassed 10 million seats globally.

• Conference Room Solutions (relevant to Zoom Rooms): This market is projected to grow from USD 1533.9 million in 2024 to USD 4627.34 million by 2032 globally, at a CAGR of 14.8%. North America holds the largest market share, accounting for 40% in 2024. Zoom Rooms has a market share of 0.02% in the video-conferencing market. Zoom has surpassed two million licenses for Zoom Rooms globally.

• Team Chat Platforms: The global team chat platform market is estimated at $15 billion in 2025 and is projected to reach $150 billion by 2033.

• Cloud Contact Center: The global cloud contact center market expanded by 16.3% in 2024 to reach $6.2 billion. This market is still in its early stages of cloud migration, indicating substantial growth opportunities globally.

Zoom Communications (ZM) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Expansion within the Enterprise Segment: Zoom is focusing on expanding its enterprise customer base, particularly by increasing the number of customers contributing over $100,000 in annual recurring revenue. Enterprise revenue grew 7% year-over-year in a recent quarter, now accounting for 60% of total revenue. The company has seen a 7% year-over-year growth in upmarket customers, ending a recent quarter with nearly 4,000 customers contributing over $100,000 in trailing 12-month revenue. As of Q2 FY26, Zoom had 4,274 customers contributing more than $100,000 in trailing 12 months revenue, representing an 8.7% increase year-over-year. This segment is considered a crucial long-term growth driver due to the greater capacity of large organizations to increase spending.
2. Product Diversification and Growth of Newer Offerings: Beyond its core meeting product, Zoom is seeing significant growth from newer solutions like Zoom Phone, Zoom Contact Center, and Workvivo. The company's product diversification includes growth in its Workplace, Phone, Contact Center, Virtual Agent, and Workvivo offerings. Zoom Phone's Annual Recurring Revenue (ARR) is growing in the mid-teens, having surpassed 10 million seats. Zoom Contact Center customers with over $100,000 in ARR grew 94% year-on-year to 229, and the total number of Zoom Contact Center customers recently surpassed 1250, up over 82% year-over-year. Workvivo, Zoom's employee experience platform, demonstrated strong momentum with 168 customers contributing over $100,000 in ARR, a 142% year-over-year increase.
3. Integration and Monetization of AI Capabilities: Zoom is pursuing an "AI-first platform" strategy to enhance collaboration and customer experiences. The company is leveraging AI and machine learning to improve user experience and add intelligent features. Its AI monetization strategy includes both indirect methods (AI features in paid SKUs at no extra cost) and direct approaches, such as the Custom AI Companion at $12/user/month and vertical solutions. The adoption of AI Companion has been significant, with monthly active users growing over four times year-over-year.
4. Strategic Price Adjustments: Zoom has implemented price increases for certain plans, which are expected to contribute to revenue growth. The company, which has historically maintained stable prices, increased monthly rates for SMB plans by 5-10% in the mid-fourth quarter, a change that is anticipated to add approximately 2% to annual revenue growth over the next 2-3 years as it fully flows through. Price increases for Pro SKUs have also been noted, with monthly churn remaining stable, indicating pricing power in its core customer base.
5. Stabilization and Improved Retention in the Online Segment: While the online segment initially saw declines, it has stabilized, with improved churn rates. The online business has stabilized from an 8% decline to being flat, with churn reduced to 2.9% and 75% of customers retained over 16 months. This stability, coupled with stronger enterprise growth, suggests that Zoom's business model is finding equilibrium post-pandemic. Monthly churn has held steady at 2.9%, which is flat year-over-year and near record lows.

Share Repurchases

• Zoom authorized a stock repurchase program of up to $1.5 billion of its Class A common stock in fiscal year 2025.
• The company spent approximately $1.4 billion on buybacks in the 12 months leading up to June 2025.
• By Q2 fiscal year 2026, a total of 27.4 million shares had been repurchased under the ongoing plan.

Share Issuance

• Zoom's stock-based compensation was approximately $1.286 billion in fiscal year 2023, $1.057 billion in 2024, and $0.931 billion in 2025.
• The company's share count remains near an all-time high, with share repurchases primarily used to offset dilution from stock-based compensation.

Outbound Investments

• Zoom has completed several acquisitions, including Workvivo in April 2023, an employee engagement and internal communications software platform.
• The company is making significant strategic investments in artificial intelligence and expanding its offerings into areas such as contact center and employee experience solutions.
• In October 2025, Zoom partnered with NVIDIA to expand its federated AI architecture by integrating NVIDIA Nemotron open technologies to power AI Companion 3.0.

Capital Expenditures

• Zoom's capital expenditures averaged $116 million annually for fiscal years ending January 2021 to 2025.
• Capital expenditures reached a peak of $136.6 million in January 2025.
• Historically, Zoom has funded its capital expenditures primarily through equity issuances and cash generated from operations, likely focusing on supporting its expanding platform, including AI and new product development.