Palo Alto Networks 1Q Revenue Up 20% as Demand for Cybersecurity Remains Strong

By Paul Ziobro

Palo Alto Networks posted a 20% increase in fiscal first-quarter revenue as demand for cybersecurity products remains strong.

The Santa Clara, Calif.-based cybersecurity company on Wednesday reported a profit of $194.2 million, or 56 cents a share, for the quarter ended Sept. 30, compared with a profit of $20 million, or 6 cents a share, in the same quarter a year ago.

Adjusted earnings came in at $1.38 a share. Analysts recently polled by FactSet expected $1.16.

Revenue rose 20% to $1.88 billion, topping the $1.84 billion expected by analysts.

"An unprecedented level of attacks is fueling strong demand in the cybersecurity market," Chief Executive Nikesh Arora said.

Billings rose to $2.02 billion from $1.75 billion. Palo Alto Networks had forecast billings between $2.05 billion and $2.08 billion.

Chief Financial Officer Dipak Golechha said that billings were impacted by the cost of money.

Write to Paul Ziobro at [e-mail]

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11-15-23 1636ET