Why Palo Alto Networks Surged Higher This Morning
Shares of Palo Alto Networks (NASDAQ: PANW) charged sharply higher Tuesday morning, surging as much as 12.2%. As of 11:35 a.m. ET, the stock is up 10.9%.
The catalyst that sent the cybersecurity specialist higher was the company's quarterly financial results, which were better than many investors expected.
For its fiscal 2022 fourth quarter (ended July 31), Palo Alto Networks generated revenue of $1.6 billion, up 27% year over year, driven by strong momentum in enterprise deals. This resulted in adjusted earnings per share (EPS) of $2.39, which surged 49%. According to generally accepted accounting principles (GAAP), the company was profitable for the first time in four years, and it expects to remain profitable in fiscal 2023.
Source Fool.com
