Zscaler down 6% at $195.85 after Q1 results and updated guidance

Shares of Zscaler (ZS) are down 6% or $12.66 at $195.85 after the company reported Q1 results, issued Q2 guidance and also updated its FY25 projections. The management also reiterated that “effective August 1, 2024, the beginning of the company’s fiscal year ending July 31, 2025, we are using a long-term projected non-GAAP tax rate of 23% for the purpose of determining our non-GAAP net income and non-GAAP net income per share to provide better consistency across interim reporting periods in fiscal 2025 and beyond.”