Palo Alto Networks tops Street View, raising the bar; stocks rise

Shares of Palo Alto Networks Inc. rose in extended trading Thursday after the cybersecurity company topped Wall Street expectations for the quarter but slightly raised its revenue and bill forecasts for the year without raising its earnings per share forecast. .

Palo Alto Networks
+ 1.21%

shares initially fell as much as 5% after a few hours, before recovering to end the protracted trading session, up 2.3%. Shares ended the normal session with a 1.2% gain to close at $519.99.

The company reported a loss for the first fiscal quarter of $103.6 million, or $1.06 a share, compared with a loss of $92.2 million, or 97 cents a share, in the same period of the previous year. Adjusted earnings, excluding stock-based compensation and others, were $1.64 per share, compared with $1.62 for the year-ago period.

Revenue rose to $1.25 billion from $946 million in the year-ago quarter. Billings, which reflects its futures contract business, grew to $1.38 billion, up from $1.08 billion a year ago.

Analysts surveyed by FactSet had predicted earnings of $1.57 a share on revenue of $1.2 billion and bills of $1.31 billion. Palo Alto Networks has forecast $1.55 to $1.58 a share on $1.19 billion to $1.21 billion in revenue and $1.29 billion to $1.31 billion in revenue. dollars.

“Q1 was off to a strong start to fiscal 2022, driven by the strength of both our product and Next Generation Security businesses,” said Nikesh Arora, President and CEO of Palo Alto Networks. following, helping us confidently boost our revenue and invoicing guidance for the year. executive, in a statement.

Palo Alto Networks expects adjusted fiscal second-quarter earnings of $1.63 to $1.66 a share on revenue of $1.27 billion to $1.29 billion and a chemical singles from $1.51 billion to $1.53 billion, while analysts forecast $1.64 a share on revenue of $1.27 billion and bills of $1.52 billion la .

For the year, Palo Alto Networks kept its adjusted earnings forecast unchanged from $7.15 to $7.25 per share and raised its forecast revenue range from $5.35 billion to $5.4 billion, an increase from $5.28 billion to $5.33 billion. Analysts expect $7.24 a share on revenue of $5.31 billion.

The company also raised its bill forecast to $6.68 billion to $6.73 billion, from $6.6 billion previously to $6.65 billion, while analysts forecast $6.65 billion. USD.

Shares of Palo Alto Networks are up 85% in the past 12 months. Meanwhile, ETFMG Prime Cyber ​​Security ETF

up 36%, S&P 500
+ 0.34%

up 32% and the tech-heavy Nasdaq Composite Index
+ 0.45%

35% increase. Palo Alto Networks tops Street View, raising the bar; stocks rise


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