Palo Alto Networks' (NASDAQ: PANW) stock surged 8% on May 24 after it posted its latest earnings report. For the third quarter of fiscal 2023, which ended on April 30, the cybersecurity company's revenue rose 24% year over year to $1.72 billion and matched analysts' expectations. Its adjusted net income surged 86% to $359 million, or $1.10 per share, and cleared the consensus forecast by $0.17.

On the basis of generally accepted accounting principles (GAAP), Palo Alto Networks generated a net profit of $108 million, compared to its net loss of $73 million a year earlier. That marked its fourth consecutive quarter of GAAP profitability.

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Source Fool.com