Palo Alto Networks reports strong earnings, aims for $15 billion revenue by 2030

From CNBC: 2024-08-19 21:27:23

Palo Alto Networks reported strong earnings in Q4 fiscal 2024, with revenue up 12% to $2.19 billion and adjusted EPS at $1.51. Billings outpaced estimates at $3.5 billion, while RPO increased 20% year-over-year to $12.7 billion. With a mixed outlook for cybersecurity threats, the company’s stock rose 2% post-earnings.

CEO Arora highlighted the significance of preventing cyberattacks as attackers can exfiltrate data in under a day. The financial impacts of breaches are increasing, giving opportunities to Palo Alto’s unit 42 to address cybersecurity vulnerabilities. Analysts reiterate a positive outlook for Palo Alto Networks due to its strong product portfolio and position in a growing sector.

After posting strong financial results, Palo Alto Networks is gearing up for continued growth, aiming to achieve $15 billion in revenue by fiscal year 2030. CEO Arora emphasized the importance of AI adoption for combating cyber threats and the need for integrated platform solutions in the evolving threat landscape. The company expects total revenue in fiscal Q1 2025 to range from $2.1 to $2.13 billion, with a positive outlook for earnings.



Read more at CNBC:: Palo Alto Networks (PANW) gets back on track, delivering solid earnings, outlook