Zoom at Goldman Sachs Communacopia + Technology Conference 2026: ai push

On September 9, 2026, Zoom used the Goldman Sachs Communacopia + Technology Conference to shift its focus from meetings to an AI-first enterprise platform. While the company reported positive product momentum and retention, management acknowledged the need for faster revenue growth. Zoom leverages conversational context, positioning itself as a key player in the AI era.

The company utilizes AI in two ways: integrating features into core products at no extra cost, and offering premium tools separately when customers can see ROI. Churn has been declining for multiple quarters, indicating structural improvement rather than a one-time benefit. Zoom's expansion now includes Zoom Phone, customer experience products, and Workvivo.

CFO Michelle stated that Zoom sees itself as a platform built around the value of conversation data, emphasizing the company's advantage in capturing human-to-human discussions. Zoom is transitioning from a single-product meetings model to a broader enterprise software platform, driven by AI in core products, customer experience, and unified communications.

Management emphasized proving business value over simply adding AI features. Zoom aims for a long-term gross margin target of 80%, with AI usage increasing 100% year-over-year while maintaining margins. The company's non-GAAP operating margin guidance for fiscal 2027 remains at 40.7%, and it prioritizes revenue growth first and margins second.

Despite modest revenue growth of 5%, Zoom maintains a solid financial foundation with a market cap of $28.14 billion, 77.66% gross profit margin, and a P/E ratio of 8.95, indicating it is undervalued. Zoom's AI architecture allows routing work across small and large language models and open-source tools, controlling costs while preserving product quality.

The customer experience business is a high-growth area, combining contact center software, agent assistance, and virtual agents into an AI-first stack. Growth in this segment is driven by unified communications and contact center workflows, enabling smooth handoffs between virtual agents, contact center agents, and UCaaS tools. Zoom Phone continues to grow strongly on a large base, with notable on-premise migration last quarter.

Adjacent products like AI Receptionist and Workvivo have expanded revenue. The company is expanding into the sales workflow through Common Room and ZRA to cover conversational intelligence from prospecting to buyer signal detection.