Zscaler surges 7% as investors continue to pour in after strong Q3 results, guidance
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Zscaler (NASDAQ:ZS) shares surged 7% on Wednesday as investors continued to buy up the cybersecurity company after it issued preliminary strong third-quarter results and boosted its outlook for fiscal 2023 earlier this week.
At just before 1:30 p.m. EST, more than 5M shares of Zscaler (ZS) had changed hands, more than 160% of the average daily volume of just under 3M.
On Monday, Zscaler (ZS) said it expected third-quarter results to be between $415M and $419M, above its prior guidance of $396M to $398M. Analysts were expecting $400.5M in sales.
It also forecast adjusted income from operations to be between $60M and $64M, above its prior view of $55M to $56M.
Calculated billings are forecast to rise between 38% and 39% year-over-year to fall within a range of $478M and $482M.
In addition, Zscaler (ZS) raised its fiscal 2023 outlook and now expects sales to be within a range of $1.587B and $1.591B, above its previous range of $1.558B to $1.563B. Calculated billings are forecast to be between $1.97B and $1.974B, up from a prior range of $1.935B to $1.945B, while adjusted income from operations are expected to be between $220M and $224M.
Zscaler (ZS) will report official third-quarter results after the market close on June 1, 2023.
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