Benzinga - by Erica Kollmann, Benzinga Staff Writer.
Palo Alto Networks, Inc. (NASDAQ:PANW) reported its third-quarter financial results after the bell Monday. Here's a look at the details from the report.
The Details:
Palo Alto Networks reported quarterly earnings of $1.32 per share which beat the analyst consensus estimate of $1.25 by 5.6%.
Quarterly sales clocked in at $1.985 billion which beat the analyst consensus estimate of $1.967 billion and represents a 15.33% increase over sales of $1.721 billion from the same period last year.
“We are pleased with the enthusiastic response to platformization from our customers in Q3. Platformization is a long-term strategy that addresses the increasing sophistication and volume of threats, and the need for AI-infused security outcomes,” said Nikesh Arora, chairman and CEO of Palo Alto Networks.
“We have remained disciplined in our execution while investing in go-to-market and innovation,” said Dipak Golechha, chief financial officer of Palo Alto Networks. “We delivered consistent, profitable growth yet again in Q3 and look forward to executing against our strategic goals and financial targets as we close out the year.”
Outlook:
Palo Alto Networks sees fourth-quarter adjusted earnings of between $1.40 and $1.42 per share, versus the $1.41 per share estimate, and total revenue in a range of $2.15 billion to $2.17 billion, versus the $2.16 billion analyst estimate. The company expects fourth-quarter total billings in the range of $3.43 billion to $3.48 billion, representing year-over-year growth of between 9% and 10%.
Palo Alto Networks expects full-year earnings of between $5.56 and $5.58 per share, versus the $5.51estimate, and full-year total revenue in a range of $7.99 billion to $8.01 billion, versus the $7.98 billion consensus estimate. The company sees fiscal year 2024 total billings in the range of $10.13 billion to $10.18 billion, representing year-over-year growth of between 10% and 11%.
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PANW Price Action: According to Benzinga Pro, Palo Alto Networks shares are down 8.88% after-hours at $295.01 at the time of publication Monday.
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