Home Business Palo Alto Networks earnings exceed estimates amid worries about cybersecurity

Palo Alto Networks earnings exceed estimates amid worries about cybersecurity

Nikesh Arora, CEO of Palo Alto Networks and previously SoftBank Group Corp. President and COO, speaks throughout the SoftBank Academia Particular Lecture with Chairman and CEO Masayoshi Son in Tokyo on October 22, 2015.

KAZUHIRO NOGI | AFP | Getty Photographs

Palo Alto Networks shares rose as a lot as 6% in prolonged buying and selling on Thursday after the safety {hardware} and software program firm introduced fiscal second-quarter earnings that have been more healthy than analysts had anticipated.

Here is how the corporate did:

  • Earnings: $1.38 per share, adjusted, vs. $1.28 per share as anticipated by analysts, in accordance with Refinitiv.
  • Income: $1.07 billion, vs. $1.06 billion as anticipated by analysts, in accordance with Refinitiv.

Income grew 24% yr over yr within the quarter, which ended on April 30, in contrast with 25% progress within the earlier quarter, in accordance with a statement.

CEO Nikesh Arora stated within the assertion that there is better consideration on cybersecurity as a result of distant working grew to become common throughout the pandemic, in addition to a spate of current cybersecurity points — presumably together with assaults on Microsoft‘s Exchange Server software program, vulnerabilities in SolarWinds software program and the current ransomware assault in opposition to Colonial Pipeline that shut down a key fuel pipeline.

Through the quarter the corporate acquired Bridgecrew, a cloud safety firm, for $156 million.

With respect to steering, the corporate stated it expects adjusted earnings of $1.42 to $1.44 per share in its fiscal fourth quarter, with $1.165 billion to $1.175 billion in income. Analysts polled by Refinitiv had anticipated $1.42 in adjusted earnings per share and $1.16 billion in income.

However the after-hours transfer, shares of Palo Alto Networks have been down about 4% because the begin of the yr, in contrast with a acquire of roughly 11% for. theS&P 500 index over the identical interval.

Executives will talk about the outcomes with analysts on a convention name beginning at 5 p.m. Jap time.

That is breaking information. Please test again for updates.

WATCH: Palo Alto Networks CEO on what we know about the scope of the Microsoft hack

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