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Palo Alto Networks Shares Soar 11% After Company Beat Top and Bottom Lines Estimates

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Palo Alto Networks jumped 11% in pre-market trading after the network security hardware manufacturer announced Q3 results that beat analysts’ estimates.

Source: Palo Alto Networks

PANW up +11.14%, CSCO up +0.19%, Pre-market trading

The company’s adjusted earnings per share came in at $1.79 compared to the $1.68 per share expected by Refinitiv’s analysts. Revenue stood at $1.39 billion compared to the $1.36 billion expected by analysts.

Palo Alto Networks stated that revenue surged 29% year-over-year in the quarter. Revenue rose 30% in the previous quarter.

Nikesh Arora, CEO of Palo Alto Networks, stated that the company reported strong top-line growth in Q3 due to consistent execution in capitalizing on the strong cybersecurity demand patterns.

The company expects adjusted earnings of $7.43 to $7.46 per share on $5.481 billion to $5.501 billion in revenue.

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