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Palo Alto Networks announces a stock split after strong Q4 results

Palo Alto Networks Inc (NASDAQ: PANW) is up nearly 10% after the cybersecurity company reported a profit for its fiscal Q4 and issued solid future guidance.

Palo Alto Networks Q4 results

Swung to a profit of $3.3 million versus a $119.3 million loss last year
EPS of 3 cents was much better than the year-ago $1.23 a share loss
On an adjusted basis, per-share earnings came in at $2.39
Total revenue jumped 27% year-over-year to $1.55 billion
Consensus was $2.28 of adjusted EPS on $1.54 billion in revenue
Remaining performance obligations climbed to $8.20 billion (up 40%)

Billings were up 44% YoY in the fourth quarter. In the earnings press release, CEO Nikesh Arora said:

We were pleased by our Q4 results, which included GAAP profitability for the first time in four years. Next-Generation Security growth, driven by our rapid pace of innovation and strong sales execution drove our results.

Share repurchase, stock split, and future guidance

The board also authorised $915 million in additional share repurchase and a three-for-one stock split on Monday. “PANW” will begin trading on a split-adjusted basis on September 14th.

For the current financial quarter, here’s what Palo Alto Network forecasts:

$1.54 billion to $1.56 billion in revenue
$2.03 to $2.06 of adjusted per-share earnings

In comparison, experts had called for $2.03 of adjusted EPS on $1.54 billion in revenue. For the full financial year, the multinational is looking at the following:

$6.85 billion to $6.90 billion in revenue
$9.40 to $9.50 of adjusted per-share earnings

This was also better than the FactSet consensus of $9.27 of adjusted EPS on $6.74 billion in revenue. The Nasdaq-listed firm is committed to positive GAAP net income in fiscal 2023. CEO Arora added:

As cybersecurity posture remains critical, our integrated three-platform strategy continues to drive large deal momentum as we consolidate and simplify our customers’ security architectures.

The post Palo Alto Networks announces a stock split after strong Q4 results appeared first on Invezz.

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