5 Stocks Making Moves After Earnings Reports

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 Wednesday, February 23, 2022, following impressive financial results for its fiscal second quarter.

Palo Alto Networks, Inc. (NASDAQ:PANW) reported adjusted earnings of $1.74 per share, topping expectations of $1.65 per share. Revenue for the quarter jumped 30 percent on a year-over-year basis to $1.3 billion, ahead of the consensus forecast of $1.28 billion.

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The California-based cybersecurity company also updated the financial outlook for its fiscal third quarter. Palo Alto Networks, Inc. (NASDAQ:PANW) expects adjusted earnings in the range of $1.65 – $1.68 per share and revenue between $1.345 – $1.365 billion.

Commenting on the quarter, CEO Nikesh Arora said:

“In Q2, our company continued to benefit from strength across our three security platforms, driven by strong cybersecurity demand, organizations architecting for hybrid work and growing their hyperscale cloud footprints.”