5 Quarterly Reports Grabbing Everyone’s Attention

2. Palo Alto Networks, Inc. (NASDAQ:PANW)

Number of Hedge Fund Holders: 73

Shares of Palo Alto Networks, Inc. (NASDAQ:PANW) turned green in the pre-market trading session on Friday, May 20, 2022, after delivering impressive profit and sales for its fiscal third quarter.

Palo Alto Networks, Inc. (NASDAQ:PANW) reported adjusted earnings of $1.79 per share, up from $1.38 per share in the same period of the prior year. Revenue came in at $1.39 billion, up 29 percent on a year-over-year basis. Analysts were looking for earnings of $1.68 per share on revenue of $1.36 billion.

Palo Alto Networks, Inc. (NASDAQ:PANW) also lifted its financial outlook for the full year. The cybersecurity company now expects adjusted earnings in the range of $7.43 – $7.46 per share and revenue between $5.481 – $5.501 billion. The updated guidance is above the consensus of $7.29 per share for earnings and $5.46 billion for revenue.

Speaking on the results, CFO Dipak Golechha said:

“Our drive to deliver strong total shareholder return in Q3 was headlined by our revenue growth, while we also balanced operating margin expansion and free cash flow conversion. We look forward to continuing this balance as we close out the year and look to FY23.”