(Bloomberg) -- Palo Alto Networks Inc. rose after issuing a quarterly profit outlook that beat Wall Street’s expectations and boosting its share buyback...
-- Palo Alto Networks Inc. rose after issuing a quarterly profit outlook that beat Wall Street ’s expectations and boosting its share buyback program .The shares jumped as much as 5% in post-market trading in New York. The cybersecurity provider has risen 16% through the close Monday.
The reported full-year sales of just over $8 billion was in line with consensus expectations that were moderated after it cut its outlook earlier this year. The results come as a boon for Palo Alto, one of America’s leading cybersecurity companies, which has a market capitalization of $111 billion, up from $91 billion at the start of the year. Chief Executive Officer Nikesh Arora had warned back in February that customers were suffering from “spending fatigue” in cybersecurity, as the company missed Wall Street expectations for annual sales, sending the value of the company plummeting by a record 27% at the time.
Dipak Golechha, chief financial officer, said the company would no longer issue guidance on billings forecasts to investors in the future. That follows Arora’s contention in May that billings represent “an artificial metric” after the figure missed analyst estimates and disappointed investors.
Palo Alto Nikesh Arora Palo Alto Networks Share Buyback Program Wall Street Cybersecurity Consensus Expectations
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