Palo Alto Networks pops after Q2 results blow past estimates
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Palo Alto Networks (NASDAQ:PANW) shares rose more than 5% in extended-hours trading after the cybersecurity company reported fiscal second-quarter results that solidly surpassed expectations.
For the period ending January 31, Palo Alto Networks (PANW) earned $1.05 per share on $1.7B in revenue. Analysts were expecting Palo Alto (PANW) to earn 78 cents per share on $1.65B in revenue.
In addition, Palo Alto (PANW) said billings rose 26% year-over-year to $2.03B during the period, while remaining performance obligations clocked in at $8.8B, topping estimates of $8.38B.
Looking ahead, Palo Alto (PANW) said it expects third-quarter billings to be between $2.2B and $2.25B, topping estimates of $2.22B. It forecast earnings to be between 90 and 94 cents per share, excluding one-time items, while revenue is expected to be within a range of $1.7B to $1.73B.
For the full-year, Palo Alto (PANW) expects to earn between $3.97 and $4.03 per share, excluding one-time items.
The company will host a conference call at 4:30 p.m. EST to discuss the results.
In late 2022 Morgan Stanley listed Palo Alto Networks (PANW) among its top software picks for 2023.