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Shares of cybersecurity firm Palo Alto Networks Inc PANW are trading higher in Thursday’s after-hours session after the company reported better-than-expected financial results and issued strong guidance.
Palo Alto said fiscal first-quarter revenue grew 25% year-over-year to $1.56 billion, which beat average analyst estimates of $1.55 billion, according to Benzinga Pro. The company said its top-line growth was driven by customers continuing to increase commitments to the company’s security platforms.
Palo Alto reported quarterly earnings of 83 cents per share, which topped analyst estimates of 69 cents per share.
“We are focused on expanding the breadth of our offerings and our pace of innovation to continue to drive share gains in the cybersecurity market,” said Nikesh Arora, chairman and CEO of Palo Alto.
Palo Alto expects fiscal second-quarter revenue to be between $1.63 billion and $1.66 billion versus estimates of $1.65 billion. The company sees second-quarter adjusted earnings in a range of 76 cents to 78 cents per share versus estimates of 71 cents per share.
Palo Alto anticipates full-year revenue between $6.85 billion and $6.91 billion versus estimates of $6.87 billion. The company expects full-year adjusted earnings to be between $3.37 and $3.44 per share versus estimates of $3.17 per share.
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PANW Price Action: Palo Alto has a 52-week high of $213.63 and a 52-week low of $140.08.
The cybersecurity stock was up 6.29% in after hours at $166.40 at time of publication.
Photo: Tumisu from Pixabay.
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Image and article originally from www.benzinga.com. Read the original article here.