Palo Alto Lifts Guidance After Q3 Results Beat as Cybersecurity Demand Shines By Investing.com

Palo Alto Lifts Guidance After Q3 Results Beat as Cybersecurity Demand Shines

Stock Markets May 19, 2022 05:02PM ET

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Palo Alto Lifts Guidance After Q3 Results Beat as Cybersecurity Demand Shines

By Yasin Ebrahim

Investing.com -- Palo Alto Networks raised its annual guidance on performance Thursday after reporting better-than-expected fiscal third-quarter results that were bolstered by strong cybersecurity demand.

Palo Alto Networks (NASDAQ:PANW) was up more than 10% in afterhours trading following the report.

Palo Alto Networks reported earnings of $1.79 on revenue of $1.39 billion, beating Wall Street estimates of $1.68 and $1.36 billion, respectively.

"We saw strong top-line growth in Q3, which is a testament to our teams' consistent execution in capitalizing on the strong cybersecurity demand trends," the company said.

The company raised forecasts for fiscal fourth-quarter earnings of between $2.26 and $2.29 per share ahead of analysts' estimates for $2.22. Revenue was forecast in a range of $1.53 billion to $1.55 billion, in line with estimates for $1.53 billion.

Looking ahead, the company raised its guidance for the year across revenue, billings and earnings per share.

For fiscal year 2022, earnings were expected in a range of $7.43 to $7.46 per share on revenue of between $5.481 billion and $5.501 billion, ahead of Wall Street forecasts for $7.29 per share and $5.47 billion, respectively. Palo Alto previously forecast revenue in the range of $5.425 billion to $5.475 billion and earnings per share in the range of $7.23 to $7.30.

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