Zscaler, Inc (ZS) Stock Slumping in Premarket, Here’s Why – News Heater
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Zscaler, Inc (ZS) Stock Slumping in Premarket, Here’s Why

Zscaler, Inc (ZS), a cloud security company, has plunged 13.34% in the premarket trading session. Consequently, the stock is trading at $228.25 when last checked. During Thursday’s regular trading session, the stock surged 10.02% and closed the day at $263.38. The stock has tumbled in aftermarket owing to the announcement of financial results by the company and the outlook looking to be a bit bleaker.

Q2 2022 Results

On Thursday, ZS announced the results for Q2 2022. The total revenue for the quarter was $255.6 million, up 63% on a year-over-year basis. The GAAP net loss for Q2 2022 was $100.4 million (or $0.71 per share) versus $67.5 million (or $0.50 per share) in Q2 2021. The Non-GAAP net income for Q2 2022 was $19.2 million (or $0.13 per share) compared to $14 million (or $0.10 per share) for Q2 2021.

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Q3 2022 Outlook

Meanwhile, ZS also released the financial outlook for Q3 2022. The company expected the total revenue to stand between $270 and $272 million during Q3 2022. The Non-GAAP income from operations is expected to lie in a range of $19 to $20 million. The company expects non-GAAP net income per share in a range of $0.10 to $0.11 during Q3 2022.

Comments from ZS CEO

Jay Chaudhry, Chairman and CEO of ZS, commented that the company has delivered a strong quarter as it has produced some terrific results during the period. The year-over-year revenue growth of the company has reached its highest level in three years. The global cloud of the company is processing more than 210 billion transactions each day.

What’s in Store for ZS?

Looking ahead, analysts believe that the short-term signals are positive for ZS stock even though the stock is in a state of fall. At the current level, the stock holds the buying opportunity for the investors as it is expected to perform well in the next few days.

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