Palo Alto Networks 1Q Revenue Up 20% as Demand for Cybersecurity Remains Strong
16 November 2023 - 8:51AM
Dow Jones News
By Paul Ziobro
Palo Alto Networks posted a 20% increase in fiscal first-quarter
revenue as demand for cybersecurity products remains strong.
The Santa Clara, Calif.-based cybersecurity company on Wednesday
reported a profit of $194.2 million, or 56 cents a share, for the
quarter ended Sept. 30, compared with a profit of $20 million, or 6
cents a share, in the same quarter a year ago.
Adjusted earnings came in at $1.38 a share. Analysts recently
polled by FactSet expected $1.16.
Revenue rose 20% to $1.88 billion, topping the $1.84 billion
expected by analysts.
"An unprecedented level of attacks is fueling strong demand in
the cybersecurity market," Chief Executive Nikesh Arora said.
Billings rose to $2.02 billion from $1.75 billion. Palo Alto
Networks had forecast billings between $2.05 billion and $2.08
billion.
Chief Financial Officer Dipak Golechha said that billings were
impacted by the cost of money.
Write to Paul Ziobro at paul.ziobro@wsj.com
(END) Dow Jones Newswires
November 15, 2023 16:36 ET (21:36 GMT)
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