Posted on

Palo Alto shares rise on earnings beat, surprising investors who worried about a Friday report



Share

Arora Nikesh, Palo Alto Networks CEO & Chairman at the WEF in Davos, Switzerland on May 23rd, 2022.Adam Galica | CNBCPalo Alto Networks shares jumped as much as 9% in extended trading on Friday after the security software vendor reported earnings that exceeded analysts’ estimates.The stock had dropped 16% in August leading up the report as investors worried that the company’s decision to announce results late on a Friday suggested the release may include troublesome numbers.Here’s how the company did for the quarter ended July 31:Earnings: $1.44 per share, adjusted, vs. $1.28 per share, adjusted, as expected by Refinitiv.Revenue: $1.95 billion, vs. $1.96 billion as expected by Refinitiv.Revenue in its fiscal fourth quarter increased 26% from $1.6 billion a year earlier, Palo Alto said. Net income climbed to $227.7 million, or 74 cents a share, from $3.3 million, or a penny a share, a year ago.For the first quarter, Palo Alto expects revenue of $1.82 billion to $1.85 billion, and sales for the year are expected to be $8.15 billion to $8.2 billion. That’s below analyst expectations of $1.93 billion for the fiscal first quarter and $8.38 billion for the full year, accord …

Read More