Why did Zscaler stock fall today? Q2 results not a 'typical massive beat'
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Zscaler (NASDAQ:ZS) shares fell more than 11% on Friday as the cybersecurity company reported second-quarter results that topped expectations but not as much as Wall Street had been accustomed to. 
For the period ending January 31, Zscaler (ZS) said it earned an adjusted 37 cents per share on $387.6M in revenue, up 51.7% year-over-year, along with $493.8M in billings. 
Analysts were expecting the company to earn 29 cents per share on $364.78M in sales.
Wedbush Securities analyst Dan Ives, who has an outperform rating on Zscaler (ZS), noted that the billings figure was "not the typical massive ... beat" investors have come to expect from Zscaler (ZS), as there seems to be more scrutiny on budgets and longer sales cycles.
Nonetheless, federal cybersecurity spending looks "robust" and the sharp decline could be a buying opportunity for investors, Ives explained. "In our opinion [Zscaler] remains a gold standard cyber name to own and we would be buyers on weakness for this high quality zero trust growth name going through a near-term uncertain macro." 
Looking to the third-quarter, Zscaler (ZS) expects revenue to be between $396M and $398M, with adjusted earnings to be around 39 cents per share.
For the full-year, the company expects revenue to be between $1.558B and $1.563B, with calculated billings between $1.935B and $1.945B. 

Last month, Zscaler (ZS) announced plans to acquire application security platform company Canonic Security.