Zoom Video Communications (ZM) is on the cusp of its fiscal second quarter earnings report on August 30. As expected, Zoom's momentum is fading as lockdowns ease and on-site activity returns. Shares are underperforming year-to-date, even when compared to the overall video conferencing space. That's despite an easy FQ1 earnings beat with 191% sales growth.

In short, Zoom's risk-reward ratio has now undeniably shifted. Even though many organizations now offer a more flexible work environment, especially with the COVID resurgence, Zoom will naturally struggle to replicate its 2020 growth levels.

Notably, Zoom has just snapped up Five9, a cloud contact center software provider, in an all-stock deal worth a cool $14.7 billion. Like Zoom, Five9 had been a slow burn until the pandemic reinvented its value proposition. The acquisition signals Zoom's intent to grow increasingly cross-functional. It could also help abate investor concerns over rivals Microsoft Teams and Salesforce's recent Slack acquisition.

Assessing our digital alternative data, here's what we found ahead of Zoom's earnings report