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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