Palo Alto Networks, Inc. (NASDAQ:PANW) shares closed more than 12% higher on Tuesday following the company’s reported Q4 results, with EPS coming in at $2.39, better than the Street estimate of $2.28.

Revenue grew 27% year-over-year to $1.6 billion, compared to the Street estimate of $1.54 billion. Billings rose 44% year-over-year on broad-based demand, growing cross-platform adoption, and healthy large deal activity. Next-Gen security ARR grew 60.4% year-over-year.

The company anticipates Q1 revenue in the range of $1.535-1.555 billion, compared to the Street estimate of $1.54 billion. Full 2023-year revenue is expected to be in the range of $6.85-6.9 billion, compared to the Street estimate of $6.74 billion.