Zoom (ZM) Stock Slides as Investors Fear Anthropic and OpenAI AI Agents

TLDR

• Zoom (ZM) closed down 5.7% at $79.24, underperforming the S&P 500 which fell just 0.11%
• The drop was driven by investor fears that AI agents from Anthropic and OpenAI could disrupt enterprise software
• ZM is down 6.8% year-to-date and trades 19.3% below its 52-week high of $96.22
• Upcoming earnings estimate projects EPS of $1.41, a 1.4% drop year-over-year, with revenue forecast at $1.22 billion
• ZM trades at a forward P/E of 14.32, a discount to the industry average of 17.88

Zoom (ZM) had a rough Thursday, closing at $79.24 after dropping 5.7% in a single session. The broader market told a different story — the Nasdaq gained 0.35% and the S&P 500 fell just 0.11%.

Zoom Communications, Inc., ZM

The sell-off wasn’t company-specific at first glance. Enterprise software broadly took a hit as investors grew nervous about the rise of managed AI agents from the likes of Anthropic and OpenAI. The worry is straightforward: if AI agents can handle tasks that enterprise software currently manages, the whole sector faces a repricing.

Zoom was caught in that wave. On top of the sector pressure, the company carries its own baggage — competition concerns and questions about long-term growth in a post-pandemic world haven’t gone away.

That said, the past month tells a more positive story. ZM gained 12.13% over the last 30 days, easily beating the Computer and Technology sector’s 0.88% gain and the S&P 500’s 0.51% rise. Thursday’s drop dented that run but didn’t erase it.

For context, Zoom doesn’t move like this often. Over the past year, it has only made five moves greater than 5%. So when it does swing hard, the market is usually saying something.

What the Numbers Say

The last time ZM moved this sharply was five months ago — in the opposite direction. It jumped 13.5% after reporting Q3 earnings that beat on both the top and bottom lines. Revenue came in at $1.23 billion versus the $1.21 billion consensus, up 4.4% year-over-year. Adjusted EPS hit $1.52, ahead of the $1.44 estimate. The company also raised its full-year adjusted EPS guidance to a midpoint of $5.96.

That kind of beat gave investors something to hold onto. Thursday’s move suggests some of that confidence is being tested again.

Looking ahead, analysts expect EPS of $1.41 for the upcoming quarter — a 1.4% decline from the same period last year. Revenue is forecast at $1.22 billion, up 4.16% year-over-year. Full-year estimates call for $5.87 in earnings per share and $5.06 billion in revenue.

On valuation, ZM looks relatively cheap. Its forward P/E sits at 14.32, well below the industry average of 17.88. The PEG ratio, however, tells a more cautious story at 3.23, compared to an industry average of 1.0 — suggesting the market isn’t convinced earnings growth justifies the multiple.

Where the Stock Stands

ZM is currently 6.8% lower than where it started the year. At $79.24, it sits 19.3% below its 52-week high of $96.22, hit back in January 2026.

Zoom currently holds a Zacks Rank of #3 (Hold), with no changes to consensus EPS estimates over the past 30 days.

The Internet – Software industry ranks 95th out of 250-plus industries tracked by Zacks, placing it in the top 39%.

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