Stock Alert: Zscaler Touches New High On Upbeat Results

(RTTNews) - Shares of cloud security company Zscaler, Inc. (ZS) are trading more than 20% higher Friday morning on the back of upbeat third-quarter results. The stock touched a new high of $92.76 and currently trading at $92.45.

The company's adjusted earnings of $0.07 beat the average estimate of analysts polled by Thomson Reuters at $0.02.

Revenue for the quarter grew 40% year-over-year to $110.5 million, trouncing the consensus estimate at $106.3 million.

Zscaler stock looks to be a clear winner during the coronavirus pandemic as more people work from home. The stock more than doubled in the last couple of months.

"The digital transformation that is driving our business is further accelerating, and we believe the Zscaler cloud security platform is best positioned to help our customers thrive no matter where their teams are working," said Jay Chaudhry, Chairman and CEO of Zscaler.