Zoom Video Communications Inc - Ordinary Shares - Class A

Strong Q2 results and Enterprise acceleration (core driver): Total revenue rose 4.9% YoY to $1.28B (~4.7% constant currency), beating the guidance high-end by $7M. Enterprise revenue grew 7.8% YoY (now 62% of total revenue, up 2 pts YoY), described as the fastest growth in 3 years, supported by AI monetization and expansion of larger multi-product deals.

AI monetization momentum across products (not just “features”): The company emphasized AI being embedded across the “system of action.” Examples cited: Workplace AI licensed MAUs up 125% YoY; ZoomMate launched in June with early interest; Zoom CX ARR growing at high double-digit YoY, with a record number of seven-figure CX deals; Zoom Virtual Agent (ZVA) customer count +250% YoY, with demand both attach (with Contact Center) and standalone. Multiple deal examples showed customers consolidating/displacing vendors, sometimes coexisting with incumbents.

Bookings / RPO step-up suggests larger, longer deals (quality of demand): Deferred revenue +6% YoY to $1.56B (above prior guidance range) and RPO +14% YoY to ~$4.5B, driven by non-current RPO +25%—management attributed this to winning larger, longer-duration, multi-product platform deals tied to AI-first offerings (Workplace, Phone, Contact Center, and paid AI).