ZS - Why Did Zscaler Stock Climb 13% in June?
2024-07-08 16:52:00 ET
Shares of Zscaler (NASDAQ: ZS) rose 13.1% last month, according to data provided by S&P Global Market Intelligence . The company posted an impressive quarterly earnings report to start the month. Then the stock continued to move higher, thanks to momentum among cybersecurity stocks driven by additional promising data from members of the company's peer group.
Zscaler released financial results for its fiscal third quarter on May 30, and investors loved what they saw . The company's revenue grew 32% over the prior year, topping Wall Street's forecasts by $17 million.
Zscaler's adjusted net income nearly doubled relative to the prior year, and its non-GAAP earnings per share were 33% higher than consensus analyst expectations. The profit expansion allowed the company to produce nearly $125 million of free cash flow during the quarter.
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Why Did Zscaler Stock Climb 13% in June?