Palo Alto Networks Stock Jumps as Earnings Top Estimates

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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