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The company has seen “a notable strength in important transactions with customers,” said CEO Nikesh Arora.
The time of dreams
Palo Alto Networks
shares soared on Tuesday after the security software company posted better-than-expected results for its fiscal fourth quarter.
For the quarter ended July 31, Palo Alto Networks (ticker: PANW) reported revenue of $ 1.22 billion, up 28% from a year ago and ahead of the consensus of Street at $ 1.17 billion. Non-GAAP earnings were $ 1.60 per share, above the consensus at $ 1.43 per share. Based on generally accepted accounting principles, the company lost $ 119.3 million, or $ 1.23 per share. Billings amounted to $ 1.9 billion, up 34%.
The company said remaining performance bonds, a measure of work contracted but not yet completed, stood at $ 5.9 billion, up 36%.
“Our strong performance in the fourth quarter was the culmination of the execution of our strategy throughout the year, including product innovation, platform integration, business model transformation and investments in our go-to-market organization, â€CEO Nikesh Arora said in a statement. He added that the company has seen “notable strength in dealing with large customers.”
For the fiscal first quarter ending in October, the company forecasts revenue of $ 1.19 billion to $ 1.21 billion, with non-GAAP earnings of $ 1.55 to $ 1.58 per share. The street consensus had called $ 1.15 billion and $ 1.60 per share.
For the fiscal year of July 2022, Palo Alto Networks forecasts revenue of $ 5.275 billion to $ 5.5325 billion, up from $ 4.3 billion in fiscal 2021 and ahead of Street at 4.98 billion of dollars. The company expects earnings for the year to range from $ 7.15 to $ 7.25 per share, above the consensus at $ 7.09. Palo Alto Networks sees annual billings ranging from $ 6.6 billion to $ 6.65 billion, up from $ 5.5 billion in fiscal 2021.
The company also said it has increased its share repurchase program by $ 676.1 million, bringing the total authorization to $ 1 billion.
Palo Alto Networks stock was up 18%, to $ 438.82 at 11:13 a.m. Tuesday.
Write to Eric J. Savitz at [email protected]
