Palo Alto Networks Stock Jumps 8% Following Q3 Results

Palo Alto Networks (NASDAQ:PANW) shares rose more than 8% intra-day today after the company released its Q3 earnings, with EPS coming in at $1.10, beating the Street estimate of $0.93. However, revenue of $1.7 billion was slightly below the Street estimate of $1.72 billion.

Management credited strong execution as they delivered upside to virtually all headline metrics despite a macro environment that got worse during the quarter.

The company anticipates Q4/23 EPS to be in the range of $1.26-$1.30, compared to the Street’s $1.20, and revenue in the range of $1.937-$1.967 billion, compared to the Street’s $1.95 billion.

Full-year EPS is seen at $4.25-$4.29, compared to the Street’s $4.02, and revenue of $6.88-$6.91 billion, compared to the Street’s $6.89 billion.