Palo Alto Networks beat Q3 2021 expectations

May 21, 2021
Palo Alto Networks beat Q3 2021 expectations

Palo Alto Networks, the company that provides network security, cloud security, and various cloud-delivered security services, posted better-than-expected Q3 2021 earnings

For the quarter ended April 30, the California-based company reported an adjusted EPS of $1.38 versus $1.28 per share touted by analysts. Revenue-wise, the figures came slightly higher than the $1.06 billion forecasted, at $1.07 billion. Year-over-year, revenue went up 24%. The surge was due to the greater attention on cybersecurity as people worked remotely during the pandemic.

During the quarter, it purchased a cloud security company – Bridgecrew – for $156 million.

For the future, Palo Alto Networks expects adjusted earnings per share of $1.44, on revenues as high as $1.17 billion.

After the news hit the wires, Palo Alto Networks stock price went up 6%. Excepting the recent gain, its stock price is down about 4% year-to-date, while USA500 gained roughly 11%.

Source: cnbc.com

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