Palo Alto Networks Posts Higher 4Q Revenue, Earnings

Palo Alto Networks posted higher earnings and revenue for its fiscal fourth quarter as companies continued to spend on cybersecurity, despite a broader softening in spending on enterprise technology.

The Santa Clara, Calif.-based cybersecurity provider posted a profit of $227.7 million, or 64 cents a share, for the three-months ended July 31, compared with earnings of $3.3 million, or 1 cent a share, in the same period last year. Adjusted earnings came to $1.44 a share, topping the $1.29 a share that analysts surveyed by FactSet expected.

Revenue rose about 26% to $1.95 billion, below the $1.96 billion expected by analysts, according to FactSet. Billings grew 18% to $3.16 billion

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