Palo Alto NetworksAfter the networking hardware manufacturer announced stronger fiscal third quarter results than expected, shares rose by 12% during extended trading Thursday

This is how it worked:

• Earnings:According to Refinitiv, $1.79 per share is adjusted compared with $1.68 per shared as anticipated by analysts.
• Revenue:Analysts expected $1.36 billion.

According to Palo Alto Networks, revenue increased 29% in quarter ended April 30, by 29% over the previous year. statement. Revenue jumped 30% in the prior quarter.

“We saw strong top-line growth in Q3, which is a testament to our teams’ consistent execution in capitalizing on the strong cybersecurity demand trends,” Palo Alto Networks CEO Nikesh Arora was quoted as saying in the statement.

Palo Alto Networks is the Quarterly announcedA next-generation firewall tool is available only through Amazon’sPublic cloud. It also includes a public cloud. announcedA tool that helps companies identify vulnerabilities in their supply chains after problems resulting from malicious updates to SolarWinds Orion software.

For the whole fiscal year, executives raised their expectations. They now expect adjusted earnings of $7.43 to $7.46 per share on $5.481 billion to $5.501 billion in revenue. Refinitiv polled analysts and they expected $7.29 per share in adjusted earnings on revenue of $5.46 billion to $5.501 billion.

Before the close of trading, the stock was down almost 21% since the start of 2022, while the S&P 500 index has fallen about 18% over the same period.

The conference call will be held with analysts and executives to discuss the results at approximately 4:30 p.m. ET.

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