CFVI - Why Is Zscaler (ZS) Stock Up 18% Today?
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Zscaler (NASDAQ:ZS) stock is gaining on Friday following the release of the cloud security company’s earnings report for its fiscal fourth quarter of 2022.
That report starts off strong with adjusted earnings per share of 25 cents. That’s a major beat compared to Wall Street’s estimate of 21 cents per share. It’s also a jump from the 14 cents per share reported in the same period of the year prior.
To go along with that, Zscaler reported revenue of $318.1 million. That also comes in above analysts’ revenue estimate of $305.54 million. Additionally, it’s a 61% year-over-year increase from $197.07 million.
Zscaler also includes guidance for its fiscal first quarter of 2023 in its latest earnings report. This has it expecting revenue of $339 million to $341 million. That’s looking good next to Wall Street’s estimate of $325.85 million for the quarter.
Jay Chaudhry, chairman and CEO of ZS, said the following in the earnings report.
“Our customers are realizing immense value from the new, innovative services and advanced capabilities being integrated into our Zero Trust security platform. Despite the uncertain macroeconomic landscape which continues to evolve, we continue to see favorable demand for our Zero Trust Exchange platform because it makes businesses more secure, simplifies IT, and reduces cost.”
ZS stock is seeing heavy trading today as well after reporting earnings. That has over 4 million shares changing hands as of this writing. For comparison, the company’s daily average trading volume is closer to 2 million shares.
ZS stock is up 18% as of Friday morning.
Investors looking for more hot stock market news are in luck!
InvestorPlace is home to all of the hottest stock market news for Friday! Among that is what has shares of DraftKings (NASDAQ:DKNG), InMed Pharmaceuticals (NASDAQ:INM), and CF Acquisition VI (NASDAQ:CFVI) stock on the move today. You can find out more at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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