Palo Alto Networks 3Q Profit Rises

By Ben Glickman

Palo Alto Networks logged a higher profit in the fiscal third quarter as sales rose just ahead of Wall Street's expectations.

The cybersecurity company on Monday reported a profit of $278.8 million, or 79 cents a share, in the quarter ended April 30, compared with a profit of $107.8 million, or 31 cents a share, a year earlier. Analysts polled by FactSet expected a per-share profit of 42 cents.

Stripping out certain one-time items, the company posted an adjusted profit of $1.32, greater than the $1.25 expected by analysts surveyed by FactSet.

Revenue rose 15% to $1.98 billion, just ahead of the $1.97 billion expected by analysts polled by FactSet.

Palo Alto Networks expects fiscal fourth-quarter revenue of $2.15 billion to $2.17 billion, compared with the $2.16 billion expected by analysts. Total billings are expected to be $3.43 billion to $3.48 billion, the company said, while analysts expect $3.45 billion.

The company's forecast for $1.40 to $1.42 a share in adjusted per-share profit was in line with analysts' forecasts.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

May 20, 2024 16:36 ET (20:36 GMT)

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