Zscaler's (NASDAQ: ZS) stock tumbled 11% on Dec. 2 in response to its latest earnings report. For the first quarter of fiscal 2023, which ended on Oct. 31, the cloud-based cybersecurity company's revenue rose 54% year over year to $355.5 million and beat analysts' estimates by $14.7 million.
On a non-GAAP (generally accepted accounting principles) basis, its net income rose 110% to $44 million, or $0.29 per share, which also beat expectations by $0.03. On a GAAP basis, its net loss narrowed from $90.8 million to $68.2 million.
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