The company's profit guidance for the quarter and fiscal 2024 topped analyst forecasts. The revenue outlook came in light.
Palo Alto Networks stock was on the rise in late trading Friday after the security software company’s unusual end-of-the-week earnings report topped Street estimates.
For the fiscal fourth quarter that ended July 31, Palo Alto Networks posted revenue of $2 billion, up 26% from a year earlier, and ahead of the Street consensus forecast for $1.958 billion. Billings in the quarter were $3.16 billion, up 18%, but toward the bottom end of the company’s guidance range.
For the full fiscal year, the company posted reported revenue of $6.9 billion, up 25%, with adjusted profits of $4.44 a share. Full-year billings were $9.2 billion, up 23%. Remaining performance obligations grew 30%, to $10.6 billion. For the fiscal first quarter ending in October, Palo Alto Networks sees revenue ranging between $1.82 billion and $1.85 billion, up 16% to 18%, and below consensus at $1.93 billion. But the company sees adjusted profits of between $1.15 and $1.17 a share, above consensus at $1.11 a share. The company sees billings of $2.05 billion to $2.08 billion, up 17% to 19%.
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