Palo Alto Networks (NASDAQ:PANW) shares jumped nearly 12.5% on Tuesday after the cybersecurity company posted strong fourth-quarter results and guidance.
Santa Clara, California-based Palo Alto Networks (PANW) said first-quarter billings is expected to be between $1.68B and $1.7B, while revenue is forecast to be within a range of $1.54B and $1.56B. Analysts are expecting billings of $1.74B and $1.54B in revenue.
The Nikesh Arora-led Palo Alto (PANW) expects fiscal 2023 sales to be between $6.85B and $6.9B, with earnings per share within a range of $9.40 and $9.50 per share. Analysts expect $6.76B in revenue and earnings of $9.30 per share.
Palo Alto (PANW) also said its fourth-quarter results topped estimates, as it earned an adjusted $2.39 per share on $1.6B in sales for the period ending July 31, up 27% year-over-year. Billings rose 44% year-over-year to $2.7B, the company added.
Wedbush Securities analyst Dan Ives noted that the results were a “another major positive data point” for the sector, which he said is in the midst of a “massive growth cycle” over the next few years, as geopolitical tensions continue to rise.
Last month, investment firm BMO Capital Markets raised its price target on Palo Alto Networks (PANW), highlighting the firm’s confidence in the company’s long-term growth outlook.
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