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Palo Alto Networks Inc (NASDAQ:PANW) was up more than 7% in afterhours trading following the report.
The beat on the bottom line was driven by an 18% rise in billings growth year over year in Q4.
The company touted further strength in billings to come, saying its billings in the quarter “didn’t fully capture” the top-line strength seen in its remaining performance obligation and next-generation security average recurring revenue.
Looking ahead, the company said it expected fiscal first-quarter adjusted earnings of between $1.15 and $1.17 per share ahead of analysts’ estimates for $1.12. Revenue was forecast in a range of $2.05B to $2.08B, in line with estimates for $1.93B.
Looking ahead, the company raised its guidance for the year across revenue, billings and earnings per share.
For fiscal year 2023, adjusted earnings were expected in a range of $5.27 to $5.40 per share on revenue of between $10.9B and $11B.
