Zoom Video Communications, Inc. (NASDAQ:ZM) shares dropped more than 16% today following Q2 earnings results. The company posted revenue of $1.02 billion, representing a 54% increase year-over-year, and coming above the $990.2 million consensus estimate. Adjusted EPS of $1.36 also beat the consensus, which was $1.16. However, investors are concerned about the company’s flattening growth in smaller customer segment and conservative guidance.

The company’s smaller customer base (<10 employees), which represents 36% of total revenue, is expected to decline in Q3, according to the company.

Deutsche Bank analysts lowered their price target on the company to $350 from $375, mentioning that their discussions with management imply rising churn in "smaller" cohort of customers, and is the primary driver of an outlook, which now implies revenues could decline slightly quarter-over-quarter, in each of the next two quarters.