In short: Wapner's lead example that a good print no longer buys a good reaction in software. "The IGV has had an amazing comeback… down 4% this week, as even some of the names that had pretty good earnings didn't trade all that well. Zscaler is the latest name I guess I would put in that category. They had a beat, guidance was upbeat, stock down." No committee member took a position on the name — it is cited as the sector symptom, alongside Palo Alto, Fortinet and Adobe, and it is the third consecutive session in this archive where cybersecurity fundamentals and cybersecurity prices have moved in opposite directions.
Zscaler sells cloud-based network security. It beat expectations, guided up, and the stock fell — which is why Wapner uses it rather than a name that missed.
The pattern across the week is the lesson: Zscaler down on a beat, Palo Alto down 10% on a report that "wasn't bad," Fortinet down, the software index off 4%. When good results stop producing good reactions across an entire group, the variable being repriced is not the businesses. It is how many people already own them — and a crowded position has nobody left to buy it.
In short: Named on the week's earnings calendar — "Zscaler is on Thursday" — inside Wapner's cyber/software run-through. It is covered implicitly by Terranova's "the trend is resilient" view of cybersecurity, but no member gave it a stance of its own.
In short: Beat-but-guide-spooks. Q3 rev +25% to $850M ($15M beat), non-GAAP EPS $1.08 ($0.07 beat), ARR +25% to $3.5B, RPO +30% to $6.5B, AI Protect bookings >$100M — yet shares −21% after-hours. Q4 guide $875-878M missed $879M, FCF margin cut ~27%→~23% on capex, and FY27 ARR/rev growth previewed at just 16-17% (a sharp decel). Two sales leaders departed → a "prudent" guide. Announced the Symmetry Systems acquisition.
Zscaler sells cloud-based cybersecurity (it inspects internet traffic to keep companies safe). The puzzle this quarter: it actually beat on revenue and earnings, ARR grew 25%, and AI-security bookings topped $100 million — yet the stock fell 21%. This is the classic "beat-but-guide-spooks" pattern: the print was fine, but the outlook scared people.
Specifically, next-quarter guidance came in just below expectations, free-cash-flow margin is being cut (from ~27% to ~23%) because of higher spending, and — most importantly — management previewed FY27 growth of only 16-17%, a sharp slowdown from the 25% it's doing now. Two sales leaders also left, which is why the guide was called "prudent" (i.e. cautious). When a fast grower signals deceleration, the market re-rates it down even on a beat.
Nothing matches this filter.
Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.