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Business

Zscaler stock emerges as Zscaler earnings Top estimates for growth in cloud cybersecurity




Zscaler ( ZS ) soared on Friday after the company reported fourth-quarter earnings, revenue and billings that beat Wall Street targets. And the company’s 2023 financial outlook for Zscaler stock was above views.




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ZS shares soared 21.9% to close at 188 on the stock market today. The cybersecurity firm reported results for the July quarter after the market closed on Thursday.

“Zscaler was the last (cybersecurity) company to report results this earnings cycle, clearly standing out as having the best results and strongest guidance,” Wells Fargo analyst Andrew Nowinski said in a report.

He added: “The strong performance was largely a function of the fact that the company was purpose-built for exactly this type of macro environment, where budgets are tightening and companies are looking for ways to reduce costs. Zscaler can eliminate many point products and simplify cyber infrastructure, while reducing costs for the customer.”

ZS Stock: Earnings, Revenues Beat Views

Prior to Zscaler’s earnings release, the cybersecurity stock had retreated 54% in 2022.

The San Jose, Calif.-based firm said earnings were 25 cents per share on an adjusted basis, up 78% from 14 cents a year earlier. In the July quarter, revenue rose 61% to $318.1 million, the company said.

Analysts expected Zscaler earnings of 21 cents per share on sales of $305.4 million. Billings also rose 57% to $520.4 million, compared to estimates of $467.2 million.

For fiscal 2023, which starts with the October quarter, Zscaler said it expects earnings of $1.17 per share at the midpoint of its outlook, ahead of estimates of $1.04 per share.

Zscaler said it expects revenue in a range of $1.49 billion to $1.50 billion. Analysts had forecast revenue of $1.468 billion.

Zscaler Stock: Billings Forecast Tops Estimates

The company estimates fiscal 2023 billings of $1.93 billion, compared to estimates of $1.859 billion.

“Despite the uncertain macroeconomic landscape that continues to evolve, we continue to see favorable demand for our Zero Trust Exchange platform because it makes businesses more secure, simplifies IT and lowers costs,” CEO Jay Chaudhry said in the company’s earnings release.


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Heading into the Zscaler earnings report, the company owned a relative strength rating of 17 out of a possible 99, according to IBD Stock Checkup.

In addition, Zscaler provides cloud-based cyber security services via 150 data centers worldwide

Zscaler’s web security gateways inspect customers’ data traffic for malware. Zscaler Private Access, or the ZPA cloud service, replaces virtual private networks, or VPNs, to support remote work.

If you are new to IBD, consider taking a look at the stock trading system and CAN SLIM basics. Recognizing chart patterns for issues like the Zscaler stock is a key to investment guidelines.

Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on wireless 5G, artificial intelligence, cyber security and the cloud.

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