Palo Alto Networks' shares rose 12% in Monday's premarket trading after reporting strong fourth-quarter earnings. Palo Alto Networks announced adjusted quarterly earnings per share of $1.44, surpassing the Refinitiv analyst consensus of $1.28. Although the company fell short of revenue expectations with $1.95 billion compared to an expected $1.96 billion for the quarter ending July 31, it highlighted a 26% revenue growth compared to the same period the previous year. Analysts commended the company's robust results and multi-year guidance, highlighting the absence of drastic changes or downgrades in growth expectations. Bank of America increased its price target from $270 to $290, attributing the strong guidance and results to the company's unconventional earnings release timing.
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00:00 It's Benzinga and here's what's on the block.
00:02 Palo Alto Networks shares rose 12% in Monday's pre-market trading after reporting strong
00:06 fourth-quarter earnings.
00:08 Palo Alto Networks announced adjusted quarterly earnings per share of $1.44, surpassing the
00:12 Refinitiv Analyst's consensus of $1.28.
00:15 Although the company fell short of revenue expectations with $1.95 billion compared to
00:19 an expected $1.96 billion for the quarter, it highlighted a 26% revenue growth compared
00:24 to the same period the previous year.
00:26 Analysts commended the company's robust results and multi-year guidance, highlighting the
00:30 absence of drastic changes or downgrades in growth expectations.
00:33 For all things money, visit Benzinga.com.
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