Why Palo Alto Networks Stock Surged Today
Shares of Palo Alto Networks (NYSE: PANW) jumped 19% on Tuesday after the cybersecurity specialist reported its fiscal fourth-quarter growth metrics.
Palo Alto Networks' revenue rose 28% year over year to $1.2 billion. Increasingly expensive ransomware attacks are underscoring the vital need for effective cybersecurity solutions. Palo Alto Networks, in turn, experienced "notable strength in large customer transactions," according to CEO Nikesh Arora, as corporations ramped up their cybersecurity spending.
"What these attacks are highlighting is the constant shortcomings of enterprises and of government infrastructure, continually spurring demand and consolidation as companies revalue their cybersecurity posture," Arora said during a conference call with analysts.
Source Fool.com
