Zscaler, Inc. (NASDAQ: ZS) shares gathered steam Thursday, on announcing that the company will host an innovations briefing for investors on June 12. The briefing will take place in Las Vegas, during the company’s Zenith Live 2024 event, starting at 1:15 pm EDT (10:15 a.m. PDT).
Last weekend brought word of Q3 earnings. Deferred revenue grew by 34% year-over-year, totaling $1,577 million, highlighting strong future revenue prospects. Zscaler’s cash, cash equivalents, and short-term investments rose to $2.24 billion, an increase of $139.8 million since July 31, 2023.
The company’s Q4 outlook is positive, with projected revenue between $565 million and $567 million. Non-GAAP income from operations is expected to be $107 million to $109 million.
Full-year fiscal 2024 revenue is anticipated to be approximately $2.14 billion.
Zscaler’s recent acquisitions of Avalor Technologies and Airgap Networks enhance its AI capabilities and Zero Trust leadership. These strategic moves aim to bolster the company’s market position and drive innovation in cloud security solutions.
The company’s fundamentals remain strong, with significant growth in non-GAAP net income and cash flow from operations. Its balance sheet is robust, showing substantial cash reserves and manageable debt levels.
Despite past concerns about declining revenue growth, Zscaler’s recent performance suggests resilience and potential for sustained growth. The cybersecurity industry’s ongoing shift towards AI and Zero Trust security models positions Zscaler well for future opportunities.
Zscaler, according to company literature, “accelerates digital transformation so customers can be more agile, efficient, resilient, and secure.”
ZS shares jumped $2.95, or 1.7%, to $177.52.
Tech Insider
