As tech stocks rebounded today, Palo Alto Networks was the Nasdaq 100’s best performer. đ¤Š
The security software vendor reported better-than-expected fourth-quarter results on Friday after the close. Adjusted earnings per share of $1.44 topped the $1.28 expected. However, revenues of $1.95 billion were a mere $0.01 shy of analyst estimates.
Here are some key metrics from the report:
- Operating margin of 28.4% (+760 bps YoY)
- Total billings of $3.16 billion (+18% YoY)
- Remaining performance obligation of $10.6 billion (+30% YoY)
- Adjusted free cash flow of $388 million (+46% YoY)
Strength in cybersecurity and an unexpected rebound in hardware helped fuel recent results. Looking ahead, executives forecast fiscal-year 2024 results of:
- Total billings of $10.9 to $11 billion (+19-20% YoY)
- Total revenue of $8.15 to $8.2 billion (+18-19% YoY)
- Diluted non-GAAP EPS of $5.27 to $5.40 (+19-22% YoY)
- Adjusted free cash flow margin of 37-38%Â
$PANW shares rallied 15% on the day, nearing all-time highs once again. đ