Why Zscaler Stock Was Up on Friday

(NASDAQ: ZS) shareholders had a good day on Friday, as their stock gained 9% by 11:30 a.m. ET, compared to a 1% rally in the S 500. The enterprise software services specialist is now up over 30% so far in 2023, while the wider market is up roughly 11%.

Friday's rally came as Wall Street cheered Zscaler's fiscal Q3 report that showed strong growth paired with steps toward profitability.

Sales in the Q3 period that ended in late April were up 46% thanks to strong demand for products like Zscaler's core cybersecurity platform. The resulting $419 million of revenue was well ahead of management's early-March prediction of sales of between $396 million and $398 million.

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Source Fool.com