Palo Alto Networks revealed a 28% year-over-year revenue increase to $1.22 billion, beating the $1.17 billion estimate. At the same time, the adjusted EPS came in at $1.60, compared to $1.44 initially forecasted.
Currently, the company is in the process of hiking prices for hardware products in the low single digits as supply constraints have increased component costs. According to CEO Nikesh Arora, Palo Alto Networks can benefit from cloud adoption happening across industries, and it can benefit from its own use of cloud resource.
For the fiscal 2022, Palo Alto Networks calls for an adjusted EPS $7.15 - $7.25, on revenues of $5.33 billion at the top of the range.
After the news hit the wires, Palo Alto stock went up 10%. Since the beginning of the year, the company’s share price added 5%, while USA500 gained almost 32%.
Sources: cnbc.com, thestreet.com
