Zscaler rallied nearly 20% after the cloud security company issued strong preliminary earnings and forward guidance.
The company reported preliminary third-quarter revenue between $415 million and $419 million, ahead of its prior expectation of between $396 million and $398 million. That’s also above the consensus estimate of $397.4 million from analysts polled by FactSet.
Preliminary non-GAAP operating income was also stronger than anticipated, with the company setting a range of $60 million and $64 million. That topped Zscaler’s prior guidance of between $55 million and $56 million, as well as the FactSet analyst forecast of $55.6 million.
Billings came in between $478 million and $482 million, beating the estimate of $448.8 million compiled by FactSet.
The company also raised forward guidance. The company upped its expected revenue for the full year to come in between $1.587 billion and $1.591 billion, while analysts expect $1.56 billion. Non-GAAP operating income is now expected to be between $220 million and $224 million for the year, above FactSet’s $213.2 million forecast from analysts. Zscaler anticipated full-year billings to now fall in the range of $1.97 billion and $1.974 billion, topping Wall Street’s $1.94 consensus estimate.
This article was originally published by CNBC.