Zscaler Shares Drop 10 percent Despite Strong Q1 Results & Outlook

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Zscaler (NASDAQ:ZS) shares fell more than 10% on Friday despite a Q1 beat and better-than-expected outlook. Q1 EPS was $0.29, compared to the Street estimate of $0.26. Revenue was up 54% year-over-year to $355.5 million, better than the Street estimate of $340.68 million.
The company sees Q2 EPS of $0.29-$0.30, compared to the Street estimate of $0.26. Revenue is expected to be in the range of $364-366 million, compared to the Street estimate of $359 million.
For fiscal 2023, management anticipates EPS in the range of $1.23-$1.25, better than the Street estimate of $1.18. Revenue is seen in the range of $1.525-1.53 billion, compared to the Street estimate of $1.51 billion.

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