Palo Alto Networks Inc. beat expectations by a reasonably vast margin in the present day with its second quarter monetary outcomes, which come at a time when enterprises are stepping up their investments in cybersecurity.
The corporate reported earnings of $1.55 per share on income of $1 billion, up 25% from a yr in the past. That was comfortably forward of Wall Avenue’s forecast of earnings of simply $1.43 per share on gross sales of $985.68 million.
Palo Alto Networks additionally reported second quarter billings of $1.2 billion, up 22% from a yr in the past. Buyers wish to regulate billings, as this quantity represents the income the corporate expects to gather from clients over a sure time period.
Palo Alto Networks Chief Govt Nikesh Arora (pictured) mentioned that his firm’s enterprise was exhibiting strong momentum, pushed by its “robust execution” in the course of the quarter.
“Occasions just like the SolarStorm assault spotlight the significance of cybersecurity, and Palo Alto Networks is effectively positioned to guard our clients with best-of-breed options,” he mentioned. “We’re excited in regards to the bets that we’ve got made in SASE, Cloud and AI. Our three-platform technique is paying off.”
Palo Alto Networks sells an enterprise cybersecurity platform that encompasses community safety, cloud safety, endpoint safety, and varied different cloud-delivered safety providers.
Its choices have confirmed in style in current months due partly to a spate of high-profile cyberattacks such because the current SolarWinds hack. Safety spending has consequently elevated as nervous enterprises attempt to shore up their defenses, and cybersecurity corporations are seeing their fortunes rise because of this development. Palo Alto Networks has confirmed to be one of many greatest beneficiaries of all of them, rising to grow to be considered one of 4 “4 star safety distributors”, in accordance with current evaluation by Wikibon’s chief analyst Dave Vellante.
Through the quarter simply gone Palo Alto Networks expanded its safety choices with a significant replace to its Prisma Entry platform, which is a safe entry service edge product that helps enterprises to safe networks and functions which can be utilized by distant staff. It additionally acquired an Israeli startup known as Bridgecrew, which developed an infrastructure-as-a-code instrument that helps to implement safety requirements throughout utility improvement.
For the third quarter, Palo Alto Networks provided steerage that’s roughly in step with Wall Avenue’s expectations. It mentioned it expects earnings of between $1.27 and $1.29 per share on income of $1.05 billion to $1.06 billion. Wall Avenue earlier forecast earnings of $1.28 per share on income of $1.05 billion.
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