Palo Alto Networks surges after Q2 results top expectations
Palo Alto Networks (NASDAQ:PANW) shares surged after the cyber security company posted second-quarter results that beat expectations.
For the period ending January 31, 2022, Palo Alto earned an adjusted $1.74 per share on $1.3 billion. A consensus of Wall Street analysts were expecting Palo Alto Networks to earn $1.65 per share on $1.28 billion in sales.
Billings for the period rose 32% year-over-year to $1.6 billion, with remaining performance obligations growing 36% year-over-year to $6.3 billion.
Palo Alto Networks shares rose more than 5% to $500.30 following the release. 
For the third-quarter, Palo Alto said revenue would be between $1.345 billion and $1.365 billion, with billings coming in between $1.59 billion and $1.61 billion. It expects non-GAAP earnings to be between $1.65 and $1.68 per share.
For the full-year, Palo Alto Networks said revenue would be between $5.425 billion and $5.475 billion, with billings clocking in between $6.8 billion and $6.85 billion.
Adjusted earnings are expected to be between $7.23 per share and $7.30 per share, with adjusted free cash flow margin between 32% and 33%.
The company is set to hold a conference call at 5 p.m. EST to discuss the results. 
Earlier this month, Wedbush Securities said that Palo Alto Networks and Zscaler (NASDAQ:ZS) would provide "rock solid" results for the cyber security industry.