Zscaler stock price target cut to $80 from $90 at Wedbush

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Zscaler stock drops as earnings outlook disappoints

Zscaler Inc. shares fell in the extended session Tuesday after the cloud security company’s earnings outlook came in below Wall Street estimates. Zscaler shares dropped 17% after hours, following a 0.7% rise in the regular session to close at $61.60. Zscaler expects adjusted earnings of break-even to a penny a share on revenue of $89 million to $90 million for the fiscal first quarter, and 12 cents to 15 cents a share on revenue of $395 million to $405 million for the year. Analysts surveyed by FactSet expect first-quarter earnings of 2 cents a share on revenue of $87.6 million, and full-year earnings of 19 cents a share on revenue of $398.4 million. The company reported a fiscal fourth-quarter loss of $5.3 million, or 4 cents a share, compared with a loss of $7 million, or 6 cents a share, in the year-ago period. Adjusted earnings were 7 cents a share. Revenue rose to $86.1 million from $56.2 million in the year-ago quarter. Analysts surveyed by FactSet had forecast earnings of a penny a share on revenue of $82.8 million.

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