By Yasin Ebrahim
Investing.com -- Palo Alto Networks reported Monday fiscal fourth-quarter results that topped Wall Street demand, led by a surge in billings amid growing cybersecurity demand.
Palo Alto Networks (NASDAQ:PANW) was up more than 8% in afterhours trading following the report.
Palo Alto Networks reported earnings of $2.39 a share on revenue of $1.55 billion, beating Wall Street estimates of $2.28 and $1.54 billion, respectively.
The beat on the bottom line was driven by 44% rise in billings growth year over year in Q4.
Looking ahead, the company said it expected fiscal first-quarter earnings of between $2.03 and $2.06 per share ahead of analysts' estimates for $2.03. Revenue was forecast in a range of $1.54 billion to $1.56 billion, in line with estimates for $1.54 billion.
Looking ahead, the company delivered upbeat guidance for the year, forecasting earnings in a range of $9.40 to $9.50 per share on revenue of between $6.85 billion and $6.90 billion.