Palo Alto Networks stock is lower in late Monday trading.
DreamstimePalo Alto Networks stock is trading lower late Monday despite better-than-expected financial results for the security software company’s fiscal second quarter ended Jan. 31.
For the quarter, Palo Alto Networks (ticker: PANW) posted revenue of $1 billion, up 25% from a year ago, and above both its guidance range of $975 million to $990 million, and the Wall Street analyst consensus forecast of $986 million. Non-GAAP profits were $1.55 a share, also topping the company’s projected range of $1.42 to $1.44 a share, and the Street consensus at $1.43. Billings were $1.2 billion, just above the forecast range of $1.17 billion to $1.19 billion.
“We delivered another consecutive strong quarter of solid results, with first-quarter billings of 21% year-over-year growth; both our firewall transformation and our Next-Generation Security services continue to make great progress, giving us confidence to raise previously issued guidance for the year,” Palo Alto Networks CEO Nikesh Arora said in a statement.
For the fiscal third quarter ending in April, the company sees revenue of $1.05 billion to $1.06 billion, with non-GAAP profits of $1.27 to $1.29 a share, about in line with the Street consensus forecast for revenue of $1.05 billion and $1.28 a share in non-GAAP profits.
Palo Alto Networks lifted its guidance for the full fiscal year ending August 2021. It now sees revenue of $4.15 billion to $4.2 billion, up from a previous forecast from $4.09 billion to $4.14 billion. The company lifted its non-GAAP profit forecast to a range from $5.80 to $5.90 a share, from a previous forecast from $5.70 to $5.80. The new billings forecast for the full year now calls for $5.13 billion to $5.18 billion, up from a previous range from $5.08 billion to $5.13 billion.
Palo Alto Networks stock, which fell 3.2% to $384.35 in Monday’s regular session, dipped another 2% to $377.02 in late trading. The stock has rallied about 25% since the disclosure in early December of the widespread hack attack centered on a widely used IT management software program sold by SolarWinds (SWI), which has affected both corporate and government IT departments.
Write to Eric J. Savitz at eric.savitz@barrons.com
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February 23, 2021 at 06:12AM
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