Palo Alto Networks stock gains after earnings beat
Palo Alto Networks Inc. shares got a jolt Thursday afternoon, as the company closed out its fiscal year with an earnings beat. The security-software company reported fiscal fourth-quarter losses of $2.3 million, or 2 cents a share, on sales of $658.1 million, up from $509.1 million a year ago. After adjusting for stock-based compensation and other effects, the company claimed earnings of $1.28 a share, up from 92 cents a share a year ago. Analysts on average expected adjusted earnings of $1.17 a share on revenue of $634 million, according to FactSet. Palo Alto Networks also forecast first-quarter earnings and revenue higher than analyst estimates. Shares rose about 5% in after-hours action following the announcement, after closing with a 0.8% decline at $220.37.
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