By Yasin Ebrahim

Investing.com — Palo Alto Networks has raised its annual guidance for performance on Thursday, after posting better-than expected fiscal third-quarter results. These were supported by strong cybersecurity demand.    

Afterhours trading at Palo Alto Networks was more than 10% higher following the release.

Palo Alto Networks reported of $1.79 on revenue of $1.39 billion, beating Wall Street estimates of $1.68 and $1.36 billion, respectively. 

The company stated that Q3 saw strong top line growth, which was a testimony to the team’s consistent execution in capitalizing upon the high cybersecurity demand trends. 

Forecasts of fiscal fourth-quarter earnings were raised by the company at $2.26 to $2.29 per shares, ahead of analyst estimates of $2.22. Revenue was forecast in a range of $1.53 billion to $1.55 billion, in line with estimates for $1.53 billion.  

Looking ahead, the company raised its guidance for the year across revenue, billings and earnings per share.

Earnings were forecast to range from $7.43 to $7.46 per Share on revenues between $5.481 billion – $5.501 billion. This is higher than Wall Street’s estimates of $7.29 and $5.47 respectively. Palo Alto previously forecast revenue in the range of $5.425 billion to $5.475 billion and earnings per share in the range of $7.23 to $7.30.