Zscaler Stock Drops 11% After Deal Delays Overshadow Raised Outlook
@Tiger_Newspress:
$Zscaler Inc.(ZS)$ stock fell over 11% in premarket trading after the cybersecurity company joined the choir of cloud-software companies fretting about reluctant recession-leery customers, and praising upsells to loyal customers, while hiking their outlook and announcing layoffs."For Q3, we're assuming billings to decline by approximately 9% sequentially compared to the mid-single digit percentage declines we've seen over the last few years," Remo Canessa, Zscaler chief financial officer, told analysts on the call.For the second quarter, Zscaler reported billings, or revenue plus deferred revenue acquired over the quarter, of $493.8 million in the second quarter, while Wall Street expected billings of $491 million. A 9% decline would