Why Shares of Palo Alto Networks Are Soaring Today

Shares of cybersecurity company Palo Alto Networks (NYSE: PANW) jumped on Friday following a better-than-expected fiscal fourth-quarter report. Palo Alto beat analyst estimates for both revenue and earnings, posting double-digit sales and adjusted earnings growth. The stock was up 11.5% at noon.

Palo Alto reported fourth-quarter revenue of $509.1 million, up 27% year over year and nearly $22 million higher than the average analyst estimate. Product revenue jumped 11.1% to $212.3 million, while subscription and support revenue soared 41.5% to $296.8 million. Billings grew 17% year over year to $670.8 million, while deferred revenue surged 43% to $1.8 billion.

The PA-7080 firewall. Image source: Palo Alto Networks.

Source: Fool.com