Why Palo Alto Networks Charged Higher Wednesday Morning
Shares of Palo Alto Networks (NASDAQ: PANW) jumped Wednesday morning, surging as much as 12.9%. At 10:39 a.m. ET, the stock was up 10.7%.
The catalyst that sent the cybersecurity specialist's shares higher was the company's quarterly financial results, which were far better than investors had hoped -- particularly in the face of economic headwinds.
For its fiscal 2023 second quarter (ended Jan. 31), Palo Alto Networks generated revenue that grew 26% year over year to $1.7 billion, fueled by strong momentum from existing customers and the addition of new ones. This resulted in adjusted earnings per share (EPS) of $1.05. On a GAAP basis, the company was profitable for the third consecutive quarter and expects to produce a profit for the full fiscal year.
Source Fool.com
