Yes, if you run the above command to count the records in a zipped file, you will get the wrong count.
The simple way to count the number of records is: "zcat filename | awk command". You can use one of the following commands:
$ zcat zipped_file | awk 'END{print NR}'
$ zcat zipped_file | awk 'END{print FNR}'
$ zcat zipped_file | awk '{i++;}END{print i}'
$ zcat zipped_file | awk 'BEGIN{i=0}{i++}END{print i}'