Why Palo Alto Networks Stock Popped Today
Shares of Palo Alto Networks (NASDAQ: PANW) climbed 9.7% on Friday after the cybersecurity leader reported impressive sales growth metrics and raised its full-year profit projections.
Palo Alto Networks' revenue rose 29% year over year to $1.4 billion in its fiscal 2022 third quarter, which ended on April 30. CEO Nikesh Arora said during a conference call with analysts that "increased macroeconomic volatility and geopolitical uncertainty" were boosting demand for effective cybersecurity solutions.
The company's billings -- a key metric that includes subscription and support sales – surged 40% to $1.8 billion. "This is the highest billings growth we have reported looking back over the past four years and was driven both by strong demand for our next-generation security offerings and strong customer commitments to our network security business," Arora said.
Source Fool.com
