Palo Alto Networks (NASDAQ: PANW) stock has rallied impressively on the market this year with gains of nearly 20% as of this writing, and it looks as if the cybersecurity specialist's rally is here to stay following its fiscal 2023 second-quarter results (for the three months ended Jan. 31, 2023), which were released on Feb. 21.

Palo Alto's revenue and earnings jumped nicely last quarter, helping the company easily crush Wall Street's expectations. What's more, the company's earnings forecast for the current quarter is well ahead of consensus estimates. Palo Alto has also raised its billings and earnings-per-share estimate for fiscal 2023. Let's take a closer look at Palo Alto's numbers and see why it could deliver more upside as the year progresses.

Palo Alto's fiscal Q2 revenue increased 26% year over year (YOY) to $1.7 billion, beating the $1.65 billion consensus estimate. The company's non-GAAP (adjusted) earnings shot up an impressive 81% over the prior year to $1.05 per share, while analysts would have settled for $0.78 per share. Palo Alto also reported a GAAP profit of $0.25 per share as compared to a loss of $0.32 per share in the year-ago quarter.

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Source Fool.com