Palo Alto Networks (NYSE:PANW) is in the news Monday after PANW stock jumped on the release of its earnings report for fiscal Q1 2021. This comes after reporting adjusted earnings per share of $1.62. That beats out Wall Street’s estimate of $1.33 per share. Its revenue of $946 million also comes in above analysts’ estimates of $921.64 million.
Here’s what else PANW investors need to know about the Palo Alto Networks earnings news.
- Adjusted per-share earnings are up 54.3% from $1.05 in the same period of the year prior.
- Revenue for the quarter comes in 23% higher than the $771.9 million reported in fiscal Q1 2020.
- Operating loss of $44.5 million is 14.1% narrower year-over-year from $51.8 million.
- The Palo Alto Networks earnings news also includes a net loss of $92.2 million.
- That’s a 54.7% wider net loss than the $59.6 million reported during the same time last year.
Nikesh Arora, chairman and CEO of Palo Alto Networks, said this about the earnings news.
“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’ guidance update for fiscal 2021 has it expecting adjusted earnings per share of $5.70 to $5.80 on revenue of $4.09 billion to $4.14 billion. Wall Street is looking for adjusted EPS of $5.60 on revenue of $4.02 billion for fiscal 2021.
PANW stock was up 5.4% as of Monday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.