Palo Alto Networks shares rise more than 14% after earnings report

The company reported adjusted quarterly earnings per share of $1.44 versus a Refinitiv analyst consensus of $1.28 per share. While Palo Alto missed consensus estimates for revenue, which came in at $1.95 billion versus $1.96 billion expected for the quarter ended July 31, the company said that revenue increased 26% compared with the year-ago quarter.

The premarket rally means that Palo Alto's shares have largely recovered from the plunge. Palo Alto CEO Nikesh Arora described the pre-earnings concern as making for "some very interesting reading" in analyst reports. "Our call for a possible transition away from hardware was unnecessary as the company put up impressive F4Q results and multi-year guidance without the need for any unusual theatrics; no management change, no M&A, no strategic pivots, and importantly no guide down on growth," Zelnick wrote in a Sunday note to clients.

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