{"id":12753,"date":"2023-05-23T16:24:05","date_gmt":"2023-05-23T20:24:05","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/palo-alto-networks-turns-in-another-beat-and-raise-quarter-amid-tight-business-spending\/"},"modified":"2023-05-23T16:24:06","modified_gmt":"2023-05-23T20:24:06","slug":"palo-alto-networks-turns-in-another-beat-and-raise-quarter-amid-tight-business-spending","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=12753","title":{"rendered":"Palo Alto Networks turns in another beat-and-raise quarter amid tight business spending"},"content":{"rendered":"
\n

Palo Alto Networks Inc. shares rose in the extended session Tuesday after the cybersecurity company offered Wall Street another beat-and-raise quarter in a tight business software spending environment.<\/p>\n

Palo Alto Networks
\n PANW,
\n -1.23%<\/bg-quote>
\n reported fiscal third-quarter net income of $107.8 million, or 31 cents a share, versus a loss of $73.2 million, or 25 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $1.10 a share, compared with 60 cents a share in the year-ago period.<\/p>\n

\n

Revenue rose to $1.72 billion from $1.39 billion in the year-ago quarter, while billings \u2014 which the company defines as \u201ctotal revenue plus the change in total deferred revenue, net of acquired deferred revenue, during the period,\u201d and is a metric used to account for subscriptions \u2014 rose 26% to $2.3 billion. Analysts surveyed by FactSet had forecast 93 cents a share on revenue of $1.72 billion and billings of $2.23 billion.<\/p>\n

Shares rose more than 4% after hours, following a 1.2% decline in the regular session to close at $189.74.<\/p>\n

Palo Alto Networks had forecast third-quarter adjusted earnings of 90 cents to 94 cents a share on revenue of $1.7 billion to $1.73 billion and billings of $2.2 billion to $2.25 billion for the third quarter. <\/p>\n

For the fourth quarter, Palo Alto Networks forecast fourth-quarter adjusted earnings of $1.26 to $1.30 a share on revenue of $1.94 billion to $1.97 billion and billings of $3.15 billion to $3.2 billion. For the year, the company expects $4.25 to $4.29 a share on revenue of $6.88 billion to $6.91 billion on billings of $9.18 billion to $9.23 billion.<\/p>\n

Analysts estimate $1.20 a share on revenue of $1.95 billion and billings of $3.16 billion for the fourth quarter, and were projecting $4.02 a share on revenue of $6.88 billion and billings of $9.16 billion for the year.<\/p>\n

For the full year, executives had previously predicted $3.97 to $4.03 a share on revenue of $6.85 billion to $6.91 billion and billings of $9.1 billion to $9.2 billion.<\/p>\n

Palo Alto Networks shares are up 36% year to date. In comparison, the ETFMG Prime Cyber Security ETF\u00a0
\n HACK,
\n -1.48%<\/bg-quote>
\n is up 7%, the First Trust Nasdaq Cybersecurity ETF
\n CIBR,
\n -1.18%<\/bg-quote>
\n is up 8%, the S&P 500 index
\n SPX,
\n -1.12%<\/bg-quote>
\n \u00a0is up 8%, and the tech-heavy Nasdaq Composite Index\u00a0
\n COMP,
\n -1.26%<\/bg-quote>
\n \u00a0is up 20%. <\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Palo Alto Networks Inc. shares rose in the extended session Tuesday after the cybersecurity company offered Wall Street another beat-and-raise quarter in a tight business software spending environment. Palo Alto Networks PANW, -1.23% reported fiscal third-quarter net income of $107.8 million, or 31 cents a share, versus a loss of $73.2 million, or 25 cents […]<\/p>\n","protected":false},"author":1,"featured_media":12754,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-12753","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nPalo Alto Networks turns in another beat-and-raise quarter amid tight business spending | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Palo Alto Networks Inc. shares rose in the extended session Tuesday after the cybersecurity company offered Wall Street another beat-and-raise quarter in\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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