What happened Shares of Zscaler (NASDAQ: ZS) were down on Friday after the software-as-a-service (SaaS) provider reported disappointing fiscal second-quarter results. While the company beat analyst estimates for revenue and earnings, sluggish billings growth and a weak earnings forecast overshadowed the headline numbers. Zscaler stock was down 14.4% at 11:40 a.m. EST today. So what Second-quarter revenue was $101.3 million, up 36% year over year and $2.25 million above the average analyst estimate. Adjusted earnings per share came in at $0.09, flat from the prior-year period and $0.06 higher than analysts expected. Image source: Getty Images. Calculated billings, which represents amounts invoiced for subscriptions and related support services, grew just 18% in the second quarter. A one-time private cloud sale last year made the comparison difficult, with the company saying that billings would have grown by 30% excluding that sale. While billings growth was weak, CEO Jay Chaudhry doesn't blame increased competition: "I haven't really seen much impact on the competition side. In fact, our churn is down year over year." Now what For the third quarter, Zscaler expects to produce revenue between $105 million and $107 million, along with adjusted EPS between $0.01 and $0.03. That revenue range was slightly above analyst expectations, but the EPS guidance fell short of the $0.04 analysts were expecting. For the full year, Zscaler sees revenue between $414 million and $417 million, calculated billings between $512 million and $517 million, and adjusted EPS between $0.14 and $0.16. At the midpoints of those ranges, revenue will be up 37.2%, billings will be up 31.9%, and EPS will be down 31.8% from fiscal 2019. Including Friday's decline, Zscaler stock is now down nearly 38% from its 52-week high. 10 stocks we like better than ZscalerWhen investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Zscaler wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of December 1, 2019 Timothy Green has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Zscaler. The Motley Fool has a disclosure policy.Source