Will Palo Alto Networks Q3 earnings follow peers in beating estimates?
Palo Alto Networks (NASDAQ:PANW) is scheduled to announce Q3 earnings results on Thursday, May 19th, after market close.
The consensus EPS Estimate is $1.68 (+21.7% Y/Y) and the consensus Revenue Estimate is $1.36B (+27.1% Y/Y).
Over the last 2 years, PANW has beaten EPS estimates 100% of the time and has beaten revenue estimates 100% of the time.
Over the last 3 months, EPS estimates have seen 27 upward revisions and 7 downward. Revenue estimates have seen 29 upward revisions and 2 downward.
In late February, PANW posted Q2 results that beat expectations, and guided Q3 revenue to be between $1.345B-$1.365B, Q3 billings to be between $1.59B-$1.61B and Q3 non-GAAP EPS to be between $1.65-$1.68.
PANW peers Check Point Software Technologies (CHKP) and Fortinet (FTNT) recently reported quarterly results that beat estimates on both the top and bottom line.
Last month, Wedbush Securities raised its price targets on several cybersecurity companies going into the earnings season, as it believed the rest of Wall Street is "underestimating" the growth for the sector for the rest of the year.
Security companies have been seen as benefiting from the war between Russia and Ukraine as businesses and governmental departments are expected to beef up their network security systems in anticipation of a rise in Russian-based cybersecurity attacks.
Read a recent bullish analysis on the stock by SA contributor Ben Alaimo: Palo Alto Networks: Rapid Revenue Growth With Huge Cybersecurity Tailwinds