"Net/net, we are surprised by the negative reaction response to the print as we are encouraged by strong execution (record bookings quarter) and ultimately expect guidance to prove conservative," he added. Truist Securities: The quarterly results show "the company's ability to deliver significant operating leverage while maintaining growth," Fishbein said. "The company is seeing strength across all of its segments and geographies, including in its emerging products pillars like ZDX, Zscaler for Workloads, Data Protection and Risk360," he wrote. Emerging products contributed 22% of new and upsell business in fiscal 2024.