$ZS

Zscaler's $ZS Q1 report showed a reacceleration in the top line (+20.7% rising to over +25% from Q4 to Q1), but that is entirely from its acquisition of MDR provider Red Canary that closed on the first day of quarter. Red Canary previously reported having $140M in ARR in March, aka $35M a quarter. Adjusting that out of Q126 results changes it from +25.5% YoY growth to +19.9% ... implying a continued slowdown in their core business. Apparently, an acquisition adding 4.6% to revenue results in "don't believe... are material", and YoY organic growth going from +20.7% to +19.9% seq means "organic growth in Q1 was consistent compared to Q4".