Palo Alto Networks shares up more than 5% after another quarter of gains amid slowing macroeconomic data

Shares of Palo Alto Networks Inc. rose in an extended session on Tuesday after the cybersecurity firm reported another strong quarter amid what is seen as a tough time for enterprise software vendors.

Palo Alto PANW Networks,
-1.41%
shares rose more than 5% after hours after falling 1.4% in the regular session to close at $166.89.

The company reported fiscal second quarter net income of $84.2 million, or 25 cents per share, compared to a loss of $93.5 million, or 32 cents per share, for the same period last year. Adjusted earnings, which excludes compensatory expenses on shares and other items, were $1.05 per share, compared with 58 cents per share last year.

Revenue rose to $1.66 billion from $1.32 billion in the year-ago quarter, with bills totaling $2.02 billion.

Analysts polled by FactSet had forecast 78 cents per share on $1.65 billion in revenue and $1.97 billion in bills.

“We continue to see our teams perform well amid macroeconomic challenges in helping clients consolidate their security architectures,” Nikesh Arora, Chairman and CEO of Palo Alto Networks, said in a statement.

Palo Alto Networks forecast third-quarter adjusted earnings of 90 to 94 cents per share on revenue of $1.7 billion to $1.73 billion and accounts of $2.2 billion to $2.25 billion for the third quarter, as well as from $3.97 to $4.03 per share on revenue of $6.85 billion to $6.85 billion. $6.91 billion and bills from $9.1 to $9.2 billion for the year.

Analysts valued 79 cents per share on revenue of $1.74 billion and accounts of $2.23 billion for the third quarter and $3.42 per share on revenue of $6.89 billion and accounts of $9.06 billion for the year .

In mid-November, Palo Alto Networks was one of the top software companies in 2022 after another strong quarter.

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