Palo Alto Networks (PANW.US) reported a significant increase in financial performance for the third quarter ended April 30, 2024, with net income soaring to $278.8 million from $107.8 million in the same period last year. The diluted net income per share also rose to $0.79 from $0.31 year-over-year. Total revenue for the quarter reached $1.98 billion, marking a 15.3% increase from the previous year's $1.72 billion. The company's operating income improved to $176.7 million, up from $78.7 million, while operating margin expanded to 8.9% from 4.6%. Subscription and support revenue, which represents a significant portion of total revenue, grew by 19.6% year-over-year to $1.6 billion. The company's business development was highlighted by the acquisition of certain QRadar assets from IBM for $500 million, expected to enhance the growth...Show More

Palo Alto Networks (PANW.US) reported a significant increase in financial performance for the third quarter ended April 30, 2024, with net income soaring to $278.8 million from $107.8 million in the same period last year. The diluted net income per share also rose to $0.79 from $0.31 year-over-year. Total revenue for the quarter reached $1.98 billion, marking a 15.3% increase from the previous year's $1.72 billion. The company's operating income improved to $176.7 million, up from $78.7 million, while operating margin expanded to 8.9% from 4.6%. Subscription and support revenue, which represents a significant portion of total revenue, grew by 19.6% year-over-year to $1.6 billion. The company's business development was highlighted by the acquisition of certain QRadar assets from IBM for $500 million, expected to enhance the growth of Palo Alto Networks' Cortex XSIAM platform. Looking ahead, Palo Alto Networks anticipates the acquisition to close in the first quarter of fiscal 2025, subject to regulatory approvals. The company continues to focus on innovation, as demonstrated by the introduction of new Cortex XSIAM features, and remains committed to expanding its global presence and customer base.