Palo Alto Networks Stock Jumps on Strong Earnings for its Fiscal Fourth Quarter 2021
Aug 24, 2021 By MarketDepth
Palo Alto Networks, Inc. (NYSE: PANW) shares jumped more than 17% Tuesday morning after the Company announced financial results for its fiscal fourth quarter 2021, ended July 31, 2021. Palo Alto provides cybersecurity platform solutions worldwide. The company provides firewall appliances and software; Panorama, a security management solution for the control of appliances and software deployed on an end-customer’s network as a virtual or a physical appliance; and virtual system upgrades, which are available as extensions to the virtual system capacity that ships with physical appliances.
28% Revenue Growth
The cybersecurity leader reported strong growth year over year. Total revenue for the fiscal fourth quarter 2021 grew 28% year over year to $1.2 billion, compared with total revenue of $950.4 million for the fiscal fourth quarter 2020. GAAP net loss for the fiscal fourth quarter 2021 was $119.3 million, or $1.23 loss per diluted share, compared with GAAP net loss of $58.9 million, or $0.61 per diluted share, for the fiscal fourth quarter 2020.
“Our strong Q4 performance was the culmination of executing on our strategy throughout the year, including product innovation, platform integration, business model transformation and investments in our go-to-market organization,” said Nikesh Arora, chairman and CEO of Palo Alto Networks. “In particular, we saw notable strength in large customer transactions with strategic commitments across our Strata, Prisma and Cortex platforms.”
“Our strong Q4 performance was the culmination of executing on our strategy throughout the year, including product innovation, platform integration, business model transformation and investments in our go-to-market organization. In particular, we saw notable strength in large customer transactions with strategic commitments across our Strata, Prisma and Cortex platforms.”
Nikesh Arora, chairman and CEO of Palo Alto Networks
Palo Alto has also provided positive guidance. For the fiscal first quarter 2022, the company expects:
- Total billings in the range of $1.29 billion to $1.31 billion, representing year-over-year growth of between 19% and 21%.
- Total revenue in the range of $1.19 billion to $1.21 billion, representing year-over-year growth of between 26% and 28%.
- Diluted non-GAAP net income per share in the range of $1.55 to $1.58, using 101 million to 103 million shares.
Share Buyback
In addition, subsequent to quarter end, the board of directors authorized an additional $676.1 million for share repurchase, increasing the remaining authorization for future share repurchases to $1.0 billion, expiring December 31, 2022.
