Zscaler (ZS) stock soars after Q3 earnings

Earnings


Cloud security firm Zscaler soared as much as 37 percent Thursday, a day after reporting that its billings surged in the company’s third quarter ended April 30.

Shares traded as high as $42.16 on Thursday, up from Wednesday’s close of $30.65, before falling to roughly $38.00 by mid-morning.

The company reported revenue growth of 49 percent year-over-year, bolstered by a 73 percent spike in calculated billings. Here’s how the company did compared to Wall Street estimates:

  • Loss per share: 2 cents vs. 8 cents expected, according to Thomson Reuters consensus estimates
  • Revenue: $49.2 million vs. $46 million expected, according to Thomson Reuters consensus estimates

The company expects revenue of up to $51 million in the fourth quarter and $185 million for fiscal year 2018.

It’s the first public earnings report for the company, which provides security to companies operating in cloud environments like Amazon Web Services and Microsoft Azure.

The stock more than doubled in its debut trading day in March. It competes with firms like Palo Alto Networks, FireEye, Cisco Systems and Symantec.

On Thursday, the stock was up more than 130 percent from its IPO price.



Source link

Products You May Like

Articles You May Like

It’s high taxes for the $245 million Powerball winner 
Here are 3 top drug stock ideas from JP Morgan — including Merck
Twitter shares rise after Citron’s Andrew Left predicts big rally for the stock
Your next raise could be bigger — here’s how to get it
Beer sales down Corona, Heineken Molson Coors getting into marijuana

Leave a Reply

Your email address will not be published. Required fields are marked *