Zuora ZUO reported third-quarter fiscal 2023 non-GAAP loss of 2 cents per share, narrower than the Zacks Consensus Estimate of a loss of 6 cents and flat year over year.Revenues of $101.1 million beat the consensus mark by 1.58% and increased 17% in constant currency and 13% year over year. The third quarter performance reflects strong uptake of its business platform and the resilience of its cloud subscription-based business model.Quarter Details Zuora’s subscription revenues accounted for 85.6% of total revenues. The figure was $86.6 million, up 20% in constant currency and 17% year over year. Zuora’s subscription revenues experienced forex headwinds based on the strength of the U.S. dollar.Professional Services revenues accounted for 14.4% of total revenues. The figure was $14.5 million, down 6% year over year.In the fiscal third quarter, the number of customers with an annual contract value equal to or greater than $100K was 770, up from the 720 reported in the year-ago quarter.Zuora, Inc. Price, Consensus and EPS Surprise Zuora, Inc. price-consensus-eps-surprise-chart | Zuora, Inc. QuoteThe dollar-based retention rate was 109% compared with 110% as of Oct 31, 2021.In the reported quarter, ARR growth was at 19%, flat year over year.The non-GAAP gross margin was 67%, which improved 157 basis points (bps).Research & development expenses, as a percentage of revenues, jumped 230 bps on a year-over-year basis to 20.1%. Sales & marketing expenses decreased 40 bps to 34%.General & administrative expenses, as a percentage of revenues, were 12.3%, down 230 bps year over year.Non-GAAP operating income was $0.6 million in the reported quarter against a loss of $1.2 million in the year-ago quarter.Balance Sheet & Cash FlowAs of Oct 31, 2022, Zuora had cash, cash equivalents and short-term investments of $401 million compared with $448.6 million as of Jul 31, 2022.The free cash outflow was $7.2 million in the reported quarter compared with the free cash outflow of $7.6 million reported in the year-ago quarter.GuidanceFor the fourth quarter of fiscal 2023, Zuora expects subscription revenues in the range of $87.5-$88.5 million. Professional services revenues are expected to be between $56 million and $57 million.Total revenues are expected to be between $99.5 million and $101.5 million.The non-GAAP loss from operations is expected between $2.5 million and $1.5 million. The non-GAAP loss is expected between 6 cents and 5 cents per share.For fiscal 2023, Zuora expects subscription revenues in the range of $337-$341 million. Total revenues are expected to be between $394 million and $400 million.The non-GAAP income from operations is expected between $1 million. The non-GAAP loss is expected between 7 cents and 6 cents per share.For fiscal 2023, ARR growth is projected to be 21% or higher. The dollar-based retention rate is expected at 112% or higher.Free cash outflow is expected between $36.5 million and $33.5 million.Zacks Rank & Other Stocks to ConsiderZuora currently has a Zacks Rank #2 (Buy).The stock has plunged 61.4% compared with the Zacks Computer & Technology sector’s decline of 31.5% year to date.Here are some other top-ranked stocks to consider in the broader tech sector:Arista Networks ANET carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.ANET’s shares have increased 2.9% in the year-to-date period compared with the Zacks Communication - Components industry’s decline of 12%.Airbnb ABNB is also a Zacks Rank #2 stock.ABNB shares have lost 50% in the year-to-date period compared with the Zacks Internet - Content industry’s decline of 40%.Bumble BMBL carries a Zacks Rank #2.BMBL’s shares have slumped 39.3% in the year-to-date period compared with the Zacks Internet Software industry’s decline of 63.9%. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Arista Networks, Inc. (ANET): Free Stock Analysis Report Zuora, Inc. (ZUO): Free Stock Analysis Report Airbnb, Inc. (ABNB): Free Stock Analysis Report Bumble Inc. (BMBL): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research