Palo Alto Networks pops as Q4 results overpower 2024 guidance
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Palo Alto Networks (NASDAQ:PANW) shares rose more than 8% in extended-hours trading on Friday after the cybersecurity company posted fiscal fourth-quarter results that topped expectations and issued guidance for 2024.
For the period ending July 31, Palo Alto Networks (PANW) earned an adjusted $1.44 per share on $2B in revenue. Billings grew 18% to $3.2B for the period, slightly below the 18.6% estimate.
In addition, remaining performance obligations for the period came in at $10.6B, Palo Alto added.
A consensus of analysts expected the company to earn $1.29 per share on $1.96B in revenue during the period.
Led by CEO Nikesh Arora, Palo Alto (PANW) said it expects 2024 billings to be between $10.9B and $11B, above the $10.77B estimate, with revenue between $8.15B and $8.2B, slightly below the $8.38B estimate.
Full-year adjusted earnings are forecast to be between $5.27 and $5.40 per share, above the $4.98 per share that analysts were expecting.
For the first-quarter, Palo Alto (PANW) expects billings between $2.05BB and $2.08B, with revenue between $1.82B and $1.85B, below the $1.93B estimate.
Adjusted earnings are forecast to be between $1.15 and $1.17 per share, above the adjusted earnings estimate of $1.11 per share.
The company will hold a conference call at 4:30 p.m. EST to discuss the results.

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