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Zscaler earnings top expectations, but the cybersecurity stock falls

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Zsacler Inc. topped expectations with its latest results and outlook, but its stock was moving lower in Thursday’s extended session.

For the fiscal third quarter, Zscaler
ZS,
+1.97%

expects $534 million to $536 million in revenue along with 64 cents to 65 cents in adjusted earnings per share. The FactSet consensus was for $532 million and 58 cents, respectively.

The cybersecurity company posted a fiscal second-quarter net loss of $28.5 million, or 19 cents a share, compared with a loss of $57.5 million, or 40 cents a share, in the year-earlier period.

On an adjusted basis, Zscaler earned 76 cents a share, compared with 37 cents a share a year before, while analysts tracked by FactSet were modeling 58 cents a share.

Revenue rose to $525 million from $388 million, whereas the FactSet consensus was for $508 million.

The company saw calculated billings of $628 million, while analysts had been looking for $611 million.

“An increasing number of customers are realizing the shortcomings of traditional firewall-based security and are engaging with us to transform their legacy security to Zero Trust architecture,” Chief Executive Jay Chowdhry said in a release.

Shares of Zscaler fell 7.6% in after-hours trading Thursday.

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