Zscaler财报前市场情绪分歧，Seeking Alpha汇总预期与分析师担忧

Zscaler ( ZS ) is due to report fourth-quarter earnings on September 3, after markets close, as analysts’ sentiments remain mixed ahead of the print. The consensus EPS estimate is $1.09 , translating to a nearly 23% upside compared to the year-ago period, while revenue is expected to improve 22% to $877.6M. The management had guided Q4 revenue between $875 million and $878 million and non-GAAP EPS between $1.08 and $1.09. While analysts’ estimates show a healthy year-on-year jump, overall sentiment remains muted, with EPS estimates having seen 1 upward revision and 1 downward move over the last three months and revenue estimates having seen 3 upward revisions and 1 downward adjustment. As per the cloud security firm’s outlook, Q4 gross margin is seen around 80%, and operating profit is expected in the range of $206 million to $208 million. Meanwhile, Zscaler CFO Kevin Rubin had raised the annual revenue target to the range of $3.3295 billion to $3.3325 billion and the ARR target between $3.740 billion and $3.749 billion. “Our view is for total ARR and revenue growth for fiscal '27 of 16% to 17%,” Rubin said. However, analysts are not quite convinced. In August, Evercore added the cybersecurity company to its Tactical Underperform List, citing lingering near-term concerns that could limit further upside and constrain the initial FY27 outlook. “While management reset FY27 ARR expectations in F3Q, our work points to continued pressure on the underlying fundamentals from intensifying competition and signs of further GTM disruption,” Evercore analyst Peter Levine wrote in a note to clients. The brokerage also flagged concerns around increasing competitive pressure from Netskope ( NTSK ), Cato Networks, and Palo Alto Networks ( PANW ). However, ZS has beaten EPS and revenue estimates 100% of the time over the past two years, building up expectations of a better-than-expected quarter. Shares of the San Jose, California-based firm were sliding ahead of its results. Zscaler lost 3.83% to $171.54 during afternoon trading hours.