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Shares of Palo Alto Networks Inc. rallied in the extended session on Monday after the cybersecurity firm’s quarterly results and outlook beat Wall Street expectations.
Palo Alto Networks PANW,
shares jumped more than 7% after-hours, after rising 1.4% in regular session to close at $ 372.57.
Palo Alto Networks reported a fourth quarter tax loss of $ 119.3 million, or $ 1.23 per share, compared to a loss of $ 58.9 million, or 61 cents per share, during the period of the previous year. Adjusted earnings, which excludes stock-based compensation expense and other items, was $ 1.60 per share, up from $ 1.48 in the period last year.
Revenue reached $ 1.22 billion from $ 950.4 million in the last year quarter. Billing, which reflects future contracted activities, reached $ 1.87 billion, up from $ 1.39 billion a year ago.
Analysts polled by FactSet had forecast earnings of $ 1.43 per share on revenues of $ 1.17 billion and billings of $ 1.71 billion. Palo Alto Networks had forecast $ 1.42 to $ 1.44 per share for revenues of $ 1.17 to $ 1.18 billion and billings of $ 1.7 to $ 1.72 billion.
“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, ”said Nikesh Arora, President and CEO of Palo Alto Networks. , in a report. “In particular, we have seen notable strength in large customer transactions with strategic engagements on our Strata, Prisma and Cortex platforms. ”
Palo Alto Networks Expects Fiscal Q1 Adjusted Earnings of $ 1.55 to $ 1.58 per Share on Revenue of $ 1.19 Billion to $ 1.21 Billion and Billings of $ 1.29 Billion at $ 1.31 billion, while analysts had forecast $ 1.59 per share on revenues of $ 1.15 billion and billings of $ 1.25 billion. .
For the year, Palo Alto Networks expects adjusted earnings of $ 7.15 to $ 7.25 per share on revenues of $ 5.28 to $ 5.33 billion, while analysts expect 7. $ 03 per share on revenue of $ 5 billion. The company is also forecasting billings of $ 6.6 billion to $ 6.65 billion, while analysts are forecasting $ 6.18 billion.
Palo Alto Networks shares have risen 38% in the past 12 months. In comparison, the ETFMG Prime Cyber Security ETF HACK,
is up 29%, while the S&P 500 SPX index,
and the Nasdaq Composite Index COMP, with a strong technological component,
are up 32%.
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