Palo Alto Networks shares rise 10% after fiscal Q3 earnings beat, driven by AI threat demand
By
Samantha Subin
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Summary
Palo Alto Networks reported fiscal third-quarter results that beat Wall Street expectations, with shares rising 10-12%. Revenue grew 31% year-over-year, boosted by $388 million from recent CyberArk and Chronosphere acquisitions. However, the company reported a net loss of $177 million compared to net income of $262 million a year ago. The earnings beat came after the company had previously issued disappointing guidance in February that fell short of analyst estimates. Demand is being driven by AI-related security threats requiring sophisticated cybersecurity tools.
Key quotes
· 3 pulledPalo Alto Networks surpassed Wall Street's fiscal third-quarter results as artificial intelligence threats drive demand for sophisticated cybersecurity tools.
Revenue grew 31% from a year ago, including $388 million from its recent CyberArk and Chronosphere acquisitions, the cybersecurity company said.
The beat comes on lowered expectations, after the company gave disappointing guidance in February that fell short of analyst estimates.
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