Palo Alto Networks Q2 outcomes beat estimates

Palo Alto Networks delivered better-than-expected second quarter monetary outcomes on Monday. The cybersecurity agency reported non-GAAP Q2 earnings of $154.2 million, or $1.55 a share, on income of $1 billion, up from $816.7 million a 12 months in the past.

Analysts have been anticipating the security-software vendor to report earnings of $1.43 a share on income of $985.68 million.

The corporate’s Q2 billings grew to $1.2 billion, up 22% from the identical interval final 12 months, whereas its deferred income rose 30% 12 months over 12 months to $4.2 billion.

“The momentum within the enterprise continues to be robust, with second quarter income progress of 25% 12 months over 12 months to over 1 billion USD, pushed by robust execution throughout the board,” stated Palo Alto Networks CEO Nikesh Arora. “Occasions just like the SolarStorm assault spotlight the significance of cybersecurity, and Palo Alto Networks is nicely positioned to guard our prospects with best-of-breed options. We’re excited in regards to the bets that we’ve made in SASE, Cloud and AI. Our three-platform technique is paying off.”

By way of steering, Palo Alto expects third quarter EPS within the vary of $1.27 to $1.29 and income within the vary of $1.05 billion to $1.06 billion. The steering is roughly in keeping with Wall Road’s consensus for EPS of $1.28 a share and income of $1.05 billion.

For the 12 months the corporate expects income to vary from $4.15 billion to $4.20 billion, with non-GAAP internet revenue per share within the vary of $5.80 to $5.90. The EPS steering incorporates internet bills associated to the corporate’s proposed acquisition of Bridgecrew, utilizing 99 million to 101 million shares.

The corporate’s inventory fell greater than 3% in after-hours buying and selling.

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