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HomeFinancialPalo Alto Networks (PANW) earnings Q3 2022

Palo Alto Networks (PANW) earnings Q3 2022

Nikesh Arora of america on the primary gap in the course of the third spherical of The Alfred Dunhill Hyperlinks Championship at The Previous Course on October 02, 2021, in St Andrews, Scotland.

David Cannon | Getty Photographs

Palo Alto Networks shares rose 12% in prolonged buying and selling on Thursday after the community safety {hardware} maker introduced fiscal third-quarter outcomes that got here in stronger than analysts had anticipated.

This is how the corporate did:

  • Earnings: $1.79 per share, adjusted, vs. $1.68 per share as anticipated by analysts, in keeping with Refinitiv.
  • Income: $1.39 billion, vs. $1.36 billion as anticipated by analysts, in keeping with Refinitiv.

Palo Alto Networks mentioned income grew 29% yr over yr within the quarter, which ended on April 30, in keeping with a statement. Income jumped 30% in the prior quarter.

“We noticed sturdy top-line development in Q3, which is a testomony to our groups’ constant execution in capitalizing on the sturdy cybersecurity demand tendencies,” Palo Alto Networks CEO Nikesh Arora was quoted as saying within the assertion.

Inflation and provide shortages are posing challenges to the corporate, although, Arora instructed analysts on a convention name.

Within the quarter Palo Alto Networks announced a next-generation firewall software out there solely by Amazon’s public cloud. The corporate additionally announced a software to assist corporations detect vulnerabilities in software program provide chains following points stemming from malicious updates to SolarWinds’ Orion software program.

Executives raised their steerage for the total fiscal yr. They now count on adjusted earnings of $7.43 to $7.46 per share on $5.481 billion to $5.501 billion in income. Analysts polled by Refinitiv had been searching for $7.29 in adjusted earnings per share on $5.46 billion in income.

Earlier than the shut of buying and selling, the inventory was down nearly 21% because the begin of 2022, whereas the S&P 500 index has fallen about 18% over the identical interval.

That is breaking information. Please examine again right here for updates.

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