Zscaler (NASDAQ:ZS) stock is gaining on Friday following the release of the cloud security company’s fiscal fourth-quarter earnings report for 2022.
The report starts off strong with adjusted earnings per share (EPS) of 25 cents. That’s a major beat compared to Wall Street’s estimate of 21 cents per share. It’s also a jump from the 14 cents per share reported in the same period last year.
To go along with that, Zscaler reported revenue of $318.1 million. This figure also comes in above analyst estimates for revenue of $305.5 million. Additionally, it marks a 61% year-over-year (YOY) increase from $197.07 million last year.
Zscaler also included guidance for its fiscal Q1 2023 in the report. The company now expects revenue to come in between $339 million and $341 million. That’s looking good next to Wall Street’s estimate of $325.85 million for Q1.
Zscaler Chairman and CEO Jay Chaudhry said the following in the earnings report:
“Our customers are realizing immense value from the new, innovative services and advanced capabilities being integrated into our Zero Trust security platform. Despite the uncertain macroeconomic landscape which continues to evolve, we continue to see favorable demand for our Zero Trust Exchange platform because it makes businesses more secure, simplifies IT, and reduces cost.”
ZS stock is seeing heavy trading today after reporting earnings. Some 4 million shares have changed hands as of this writing. For comparison, the company’s daily average trading volume is closer to 2 million shares.
ZS stock is up 18% as of Friday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.