Cloud security firm Zscaler soared as much as 37 percent Thursday, a day after reporting that its billings surged in the company’s third quarter ended April 30.

Shares traded as high as $42.16 on Thursday, up from Wednesday’s close of $30.65, before falling to roughly $38.00 by mid-morning.

The company reported revenue growth of 49 percent year-over-year, bolstered by a 73 percent spike in calculated billings. Here’s how the company did compared to Wall Street estimates:

• Loss per share: 2 cents vs. 8 cents expected, according to Thomson Reuters consensus estimates
• Revenue: $49.2 million vs. $46 million expected, according to Thomson Reuters consensus estimates

The company expects revenue of up to $51 million in the fourth quarter and $185 million for fiscal year 2018.

It’s the first public earnings report for the company, which provides security to companies operating in cloud environments like Amazon Web Services and Microsoft Azure.

The stock more than doubled in its debut trading day in March. It competes with firms like Palo Alto Networks, FireEye, Cisco Systems and Symantec.

On Thursday, the stock was up more than 130 percent from its IPO price.

Source: Tech CNBC
Cloud security firm Zscaler soars after billings growth drove an earnings beat in its first report