Palo Alto Networks Inc. PANW shares are trading lower in Wednesday's after-hours session following the release of the company's first-quarter earnings results. Here's a summary of the details.
What To Know: Palo Alto Networks reported quarterly earnings of $1.38 per share, above the analyst consensus estimate of $1.16, a 66.27% increase over earnings of 83 cents per share from the same period last year.
Revenue of $1.88 billion beat the analyst consensus estimate of $1.84 billion. The figure represented a 20.15% increase over sales of $1.56 billion the same period last year.
Billings clocked in at $2.024 billion, a 13.6% increase compared to $1.749 billion in the same period of 2022.
Palo Alto Networks anticipated second-quarter earnings to be between $1.29 and $1.31 per share, versus the $1.25 estimate. Total revenue is expected to be between $1.955 billion and $1.985 billion, missing the $1.97-billion estimate.
The company saw total billings in the range between $2.335 billion and $2.385 billion, representing year-over-year growth of between 15% and 18%.
Full-year 2024 earnings are estimated to be between $5.40 and $5.53 per share against an estimate of $5.33. The company saw full-year 2024 total revenue between $8.15 billion and $8.20 billion versus the estimate of $8.18 billion.
Full-year 2024 total billings are expected to be in a range between $10.7 billion and $10.8 billion, representing year-over-year growth of between 16% and 17%.
"An unprecedented level of attacks is fueling strong demand in the cybersecurity market," said Nikesh Arora, chairman and CEO of Palo Alto Networks.
"We continue to execute on platformization as customers recognize the benefits we can provide in simplifying security architectures and driving better security outcomes."
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PANW Price Action: Shares of PANW were down 6.52% at $239.49 in the after-hours session at the time of publication, according to Benzinga Pro.
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