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Zscaler Inc (Nasdaq: ZS) is down more than 6.0% in extended hours even though it reported better-than-expected results for its first financial quarter.
Zscaler issues strong future guidance
The price action is interesting considering the cybersecurity company issued solid guidance for the future as well.Zscaler now forecasts its adjusted earnings to fall between $2.45 and $2.48 on a per-share basis in fiscal 2024 on up to $2.10 billion in revenue. Analysts in comparison were at $2.24 per share on $2.06 billion in revenue. Jay Chaudhry – its Chief Executive said in a press release today:
We are scaling our go-to-market and R&D organisations, strengthening our foundation for the long-term growth of our business.
Zscaler stock is still up more than 100% versus its year-to-date low.
Notable figures in Zscaler’s Q1 earnings release
Other notable figures in the earnings report include a 34% growth in calculated billings while deferred revenue was up 39% versus the same quarter last year. CEO Chaudhry added:We are enabling enterprises to move forward with their key transformative initiatives – Zero Trust and AI – which is driving demand for our Zero Trust Exchange.
Zscaler is thrilled to welcome Joyce Kim as CMO and Mike Rich as CRO and President of Global Sales. Together, they will drive Zscaler’s go-to-market efforts & help achieve our goal of $5B+ in annual recurring revenue. Read the press release to learn more: https://t.co/ghaYDpWhwb pic.twitter.com/aMuJUnRPWG
— Zscaler (@zscaler) November 27, 2023
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