Palo Alto Networks Inc (NYSE:PANW) shares jumped in Wednesday pre-market trade after the cybersecurity company delivered another earnings beat and raised its full-year guidance.
The California-based company reported a 24% rise in revenue to $1.72 billion for the three months to April 30, 2023, above the $1.71 billion expected by Wall Street analysts. Adjusted earnings per share (EPS) jumped 83% to $1.10, above the $0.93 pencilled in by the Street.
"Our team again executed well in a market that continues to become more challenging," the company’s chairman and CEO Nikesh Arora said in an earnings statement.
"Our strategy of delivering best-of-breed products within our three platforms is helping customers simplify their security architectures and consolidate vendors."
For the full year, Palo Alto said it expects to grow total billings by between 23% and 24% to as much as $9.23 billion, while revenue will rise by as much as 26% to $6.91 billion. Full-year non-GAAP EPS are expected to be between $4.25 and $4.29, it added.
The company’s shares were over 5% higher in pre-market trading.
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