Why Zscaler Stock Surged Today
Shares of Zscaler (NASDAQ: ZS) soared on Friday after the cloud-based cybersecurity company delivered blockbuster results for its fiscal third quarter, which ended April 30. By the close of trading, Zscaler's stock was up by 29.4%.
Zscaler's revenue jumped 40% year over year to $110.5 million, while billings -- a key metric that reflects new subscription sales -- leaped 55%, to $131.3 million. Those gains were driven by strong sales of Zscaler Private Access (ZPA), a cloud-based service that helps businesses and other organizations provide users with access to their internal applications without the need to grant those users network access.
"The mitigation activities taken by every enterprise in response to the COVID-19 pandemic created an immediate need for strong security and access to the internet and business applications, all while working from anywhere," Chairman and CEO Jay Chaudhry said in a press release.
Source Fool.com
