Why Palo Alto Networks Stock Popped 8% Today
Cybersecurity specialist Palo Alto Networks' (NASDAQ: PANW) stock soared 8% through 11:25 a.m. ET Tuesday after the company beat analyst forecasts for sales and earnings last night.
Heading into its report for the fiscal fourth quarter of 2024, ended July 31, analysts forecast Palo Alto would earn $1.41 per share in "adjusted" profit on sales of $2.16 billion. Instead, Palo Alto reported $1.51 per share, and sales were $2.19 billion. Palo Alto also guided higher than analysts expected for Q1 2025.
Not all the news was good. Palo Alto said Q4 2024 sales came in 12% stronger than a year ago. However, sales growth for the full fiscal year was 16%, so that would mean sales slowed in Q4. Also, Palo Alto's adjusted net income grew only 5%, even slower than sales.
Source Fool.com
