Zoom Video is set to announce its second-quarter results on Monday afternoon, and the report may give investors their first glimpse at what the quintessential work-from-home stock could look like in a post-pandemic world. Zoom's customer growth and stock price went into hyperdrive in 2020 as the Covid pandemic left office workers scrambling to do their jobs remotely. However, many employees began returning to the office this summer as vaccinations became more widespread. Though the pandemic appears far from over because of variants, the quarterly results will likely show a major slowdown for Zoom's growth but also silver linings for the company's future, according to data tracking firm Similarweb . For the first time, the Similarweb's analyis showed a quarter-over-quarter decline in the number of active enterprise domains using Zoom. Additionally, Unique viewers to Zoom's website dropped 22% between March and July. However, the underlying data shows that more than half of the decline in active accounts came from the education and health care sectors, suggesting that Zoom may be showing underlying seasonality as it matures instead of a true slowdown. "An odd thing happened last year where, during the summer, education domains stuck around ... This year, the opposite happened. There's a lot of education users that went off the system," said Jeremy Scott, head of investor analytics at Similarweb. The return of travel and vacations could have contributed to a decline in accounts, Scott said. Another bright side was a "huge acceleration" in visits to account management pages for Zoom Phone, Scott said. That suggests that clients may be exploring adding to or expanding their accounts for the phone product, which is a key growth area for Zoom going forward. Zoom is also showing strength in international markets, according to Similarweb. "It's more in Western Europe, it's a lot more in Asia Pacific. It's not just the U.S. anymore," Scott said. The stock has also gotten some positive coverage from Wall Street analysts in the past week. Baird analyst William Power reiterated his outperform rating on the stock on Tuesday. Power said in a note to clients that app download data appeared to be weakening but he expected a strong quarter overall and upside for the stock. "While valuation remains above the SaaS group, sentiment has been mixed to negative, with many investors focused on moderating growth exiting the year due to tough comps. Our view is that digital transformation tailwinds, coupled with hybrid work, should continue to drive upside to current estimates, perhaps allaying some of the growth concerns," the Baird note said. Morgan Stanley upgraded the stock to overweight from equal weight on Thursday, saying that the market appeared to be overly concerned with potential churn among Zoom's smaller customers. Shares of Zoom are up just 1% this year and are well below their peak from October of last year. For the second quarter, Wall Street analysts expect $991.2 million in revenue and $1.16 in earnings per share, according to StreetAccount. -CNBC's Michael Bloom contributed to this report.
Zoom CEO Eric Yuan speaks before the Nasdaq opening bell ceremony in New York on April 18, 2019.
Kena Betancur | Getty Images
Zoom Video is set to announce its second-quarter results on Monday afternoon, and the report may give investors their first glimpse at what the quintessential work-from-home stock could look like in a post-pandemic world.