Palo Alto jumps 7.0% after reporting Q2 results

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Palo Alto Networks Inc (NYSE: PANW) on Tuesday said its Q2 profit and revenue topped Street estimates. Shares are up 7.0% in extended trading on upbeat full-year guidance.

Q2 results

Lost $93.5 million (95 cents a share) versus last year’s $142.3 million ($1.48 a share).Adjusted EPS came in at $1.74, beating the FactSet consensus of $1.65.Revenue noted a 30% annualised growth and topped experts’ forecast by $110 million.At $1.61 billion, billings jumped 33% YoY. This compared to analysts at $1.52 billion.

Palo Alto ended the quarter with $1.93 billion in cash and equivalents. In the earnings press release, CFO Dipak Golechha said:

Total shareholder return was at the forefront of our Q2 results as we continued to deliver on accelerated revenue growth and strong cash flow generation as well as returned capital to shareholders.

Future outlook

For fiscal Q3, Palo Alto expects its EPS, revenue, and billings to fall between $1.65 and $1.68, $1.35 billion and $1.37 billion, and $1.59 billion and $1.61 billion, respectively – all ahead of analysts’ estimates.

The cybersecurity company raised its full-year guidance for adjusted EPS to $7.23 to $7.30. It expects up to $5.48 billion in revenue this year on $6.8 billion to $6.85 billion of billings. In comparison, analysts were calling for $7.23 of adjusted per-share earnings, $5.39 billion in revenue and $6.72 billion of billings. CEO Nikesh Arora said:

In Q2, our company continued to benefit from strength across our three security platforms, driven by strong cybersecurity demand, organizations architecting for hybrid work and growing their hyperscale cloud footprints. On the back of this strength, notably in our next-generation security offerings, we are raising our guidance for the year.

The post Palo Alto jumps 7.0% after reporting Q2 results appeared first on Invezz.

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