Online made up about 38% of Zoom's fiscal Q2 2027 revenue, and management cut its fiscal 2027 outlook for the segment from slight growth to flat, citing buyers shifting from search to AI when discovering software. Zoom's revenue grew an average of 3.8% a year over its last three twelve-month periods, below the 6.1% for the S&P 500, while its Enterprise business grew 7.8%, its strongest rate in three years. Online monthly churn held at 2.9% despite price increases totaling roughly 6%. Zoom stock fell 15.8% from May 5 to November 3, 2026, while the S&P 500 gained 4.8%. The author views the risk as moderate and points to Online growth and churn as the figures to watch when Zoom reports fiscal Q3 2027 results.
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