The security software provider Palo Alto Networks posted better-than-expected fiscal fourth-quarter earnings last week, which sparked a surge that saw shares rise more than 14% in early trading on Monday.
In comparison to the $1.28 analyst average provided by Refinitiv, the company’s adjusted quarterly earnings per share came in at $1.44. Although Palo Alto’s revenue for the quarter ending July 31 came in at $1.95 billion as opposed to the $1.96 billion predicted, the business reported that revenue rose 26% compared with the corresponding quarter a year earlier.
Since Palo Alto scheduled the release of its profits for Friday after the bell, there had been some anxiety among analysts that the company would also announce unfavourable news. It has a history of being a schedule period that businesses with weak financial results will occasionally use. As a result, upon the announcement of the earnings release date, Palo Alto stock dropped as much as $208.02.
Source (CNBC)
