By Robert Barba
Zscaler Inc. reported better-than-expected results in the latest quarter, as more companies face cyberattacks.
The cloud-based information security company reported revenue of $230.5 million for its fiscal first quarter, compared with $142.6 million a year earlier. Analysts polled by FactSet expected revenue of $212 million.
"CISOs and CIOs are looking to phase out legacy network security in favor of zero trust architecture, due to increasing cyber and ransomware risks and accelerating digital transformation," said Chairman and Chief Executive Jay Chaudhry in prepared remarks.
Total operating expenses were $252.7 million, up from $153.5 million, as the company spent more on sales and marketing, research and development and other general expenses.
The company reported a net loss of $90.8 million, compared with a loss of $55 million a year earlier.
On a per-share basis, the company had an adjusted profit of 14 cents a share. Analysts were expecting adjusted earnings per share of 12 cents.
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