ZS - Why Zscaler Stock Popped on Friday
2024-05-31 12:45:20 ET
The stock of Zscaler (NASDAQ: ZS) ran up 5.8% through 11:40 a.m. ET on Friday after the cybersecurity company reported better than expected sales and earnings in its fiscal 2024 third quarter last night.
Heading into the quarter, analysts forecast Zscaler would earn $0.65 per share, pro forma, on $535.9 million in revenue. In fact, the company reported a profit of $0.88 per share on sales of $553.2 million.
There was much to like in the report. Sales grew 32% year over year, and billings -- which foreshadow future revenue growth -- increased 30%. Free cash flow of $123.1 million was up 66.6% from one year ago.
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Why Zscaler Stock Popped on Friday