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By Yasin Ebrahim
Investing.com — Palo Alto Networks raised its annual steerage on efficiency Thursday after reporting better-than-expected fiscal third-quarter outcomes that had been bolstered by robust cybersecurity demand.
Palo Alto Networks (NASDAQ:) was up greater than 10% in afterhours buying and selling following the report.
Palo Alto Networks reported of $1.79 on income of $1.39 billion, beating Wall Road estimates of $1.68 and $1.36 billion, respectively.
“We noticed robust top-line progress in Q3, which is a testomony to our groups’ constant execution in capitalizing on the robust cybersecurity demand developments,” the corporate mentioned.
The corporate raised forecasts for fiscal fourth-quarter earnings of between $2.26 and $2.29 per share forward of analysts’ estimates for $2.22. Income was forecast in a vary of $1.53 billion to $1.55 billion, in keeping with estimates for $1.53 billion.
Wanting forward, the corporate raised its steerage for the yr throughout income, billings and earnings per share.
For fiscal yr 2022, earnings had been anticipated in a spread of $7.43 to $7.46 per share on income of between $5.481 billion and $5.501 billion, forward of Wall Road forecasts for $7.29 per share and $5.47 billion, respectively. Palo Alto beforehand forecast income in the vary of $5.425 billion to $5.475 billion and earnings per share within the vary of $7.23 to $7.30.
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