Palo Alto Networks, a leading cybersecurity provider based in Santa Clara, California, saw a significant increase in its stock value in after-hours trading following the release of its impressive earnings report for the fiscal fourth quarter. The company also provided an optimistic outlook for the fiscal year.
Shares of Palo Alto Networks experienced a 9% surge in the after-market session, pushing the stock price to $228.54. It is worth noting that over the past 12 months, the stock has enjoyed a remarkable 22% growth.
During the three-month period ending on July 31, Palo Alto Networks witnessed a substantial rise in profits. While both revenue and billings for the quarter showed year-on-year growth, they fell slightly short of analysts’ expectations. However, the company managed to exceed expectations with its adjusted earnings.
Fiscal Year Guidance
Looking ahead to fiscal year 2024, Palo Alto Networks provided better-than-expected adjusted earnings outlook. However, the company’s revenue guidance failed to meet estimates. On a positive note, the forecast for billings, which includes deferred revenue, exceeded expectations.
Emphasis on Profitability
Dipak Golechha, Chief Financial Officer of Palo Alto Networks, emphasized the company’s current focus on achieving profitability.