2024-05-20 16:11:23 ET
Palo Alto Networks Inc (NASDAQ: PANW) is trading down in extended hours on Monday even though it came in ahead of Street estimates for its third financial quarter.
This is a developing story. Figures missing below will be updated as received!
Palo Alto Networks stock down in muted guidance
Investors are concerned because issued somewhat of a muted guidance for the future. The cybersecurity company forecasts its revenue to fall between $7.99 billion and $8.01 billion in 2024.
Analysts, in comparison, were at billion. Still, Nikesh Arora – the chief executive of Palo Alto Networks said in a press release today:
We are pleased with enthusiastic response to platformization … a long-term strategy that addresses the increasing sophistication and volume of threats, and the need for AI-infused security outcomes.
The Nasdaq-listed firm ended its Q3 with $11.3 billion in remaining performance obligation – up 23% year-over-year. Palo Alto Networks stock is now up more than 15% versus its year-to-date low.
Palo Alto Networks Q3 earnings snapshot
Earned $279 million versus the year-ago $108 million
Per-share earnings also climbed from 35 cents to 86 cents
Adjusted EPS printed $1.32 at as per the earnings report
Revenue jumped 15% year-over-year to $2.0 billion
Consensus was $1.25 a share on $1.97 billion in revenue
saw its adjusted operating margin sit at 26% – up 200 basis points in Q3. According to Dipak Golechha – the chief financial officer of Palo Alto Networks:
We have remained disciplined in our execution while investing in go-to-market and innovation … and look forward to executing against our strategic goals and financial targets as we close out the year.
Last month, the multinational based out of Santa Clara, California partnered with Google on AI-enabled cybersecurity as Invezz reported here .
This is a developing story. Check back in a few minutes for more updates!
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