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A projected fiscal 2027 revenue and annual recurring revenue growth range of 16.6% to 17.5%, per Zscaler's guidance, is the number the market is repricing Friday morning.
That range sits roughly 800 basis points below the 25% Zscaler (NASDAQ: ZS) delivered in fiscal 2026, and shares are down 4% to $170.25, already off 21% year to date through Thursday's close.
CrowdStrike (NASDAQ: CRWD) is sliding 1% to $212.99 in sympathy; Palo Alto Networks (NASDAQ: PANW) is holding flat at $331.96. The Q4 beat and what it couldn't offset Zscaler's fiscal fourth quarter cleared the bar.
Revenue came in at $898.2 million, up 25% year over year, with adjusted earnings per share of $1.19 beating consensus.
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