Palo Alto Networks, the cybersecurity company based in Santa Clara, California, has announced better-than-expected results for its fiscal first quarter. As a result, the company has raised its full-year outlook for adjusted per share earnings while adjusting its guidance for total billings.
Palo Alto Networks now predicts adjusted per share earnings for the year to be in the range of $5.40 to $5.53. This is an increase from the previous range of $5.27 to $5.40.
Despite the adjusted earnings boost, the company’s expectations for total revenue remain unchanged. It still anticipates revenue to be between $8.15 billion and $8.2 billion.
However, Palo Alto Networks has revised its guidance for total billings. The new range is now between $10.7 billion and $10.8 billion, compared to the previous range of $10.9 billion and $11 billion.
Second Quarter Projections
Looking ahead to the second quarter, Palo Alto Networks expects adjusted per-share earnings to be between $1.29 and $1.31. Revenue for the same period is projected to be between $1.96 billion and $1.99 billion.
These projections exceed analysts’ expectations who, based on recent polling by FactSet, projected adjusted earnings of $1.25 a share on revenue of $1.97 billion.