On May 20, 2024, Palo Alto Networks, a global cybersecurity leader, reported its financial results for the third quarter of fiscal year 2024, which ended on April 30, 2024. The company announced a 15% year-over-year increase in revenue, reaching $2.0 billion, and a significant growth in non-GAAP operating margin, which rose by 200 basis points to 26%. The remaining performance obligation also saw a substantial increase of 23% year-over-year, amounting to $11.3 billion. GAAP net income for the quarter was $278.8 million, or $0.79 per diluted share, compared to $107.8 million, or $0.31 per diluted share, in the same quarter of the previous year. Non-GAAP net income for the quarter stood at $454.9 million, or $1.32 per diluted share, an increase from $359.4 million, or $1.10 per diluted share, year-over-year. The...Show More

On May 20, 2024, Palo Alto Networks, a global cybersecurity leader, reported its financial results for the third quarter of fiscal year 2024, which ended on April 30, 2024. The company announced a 15% year-over-year increase in revenue, reaching $2.0 billion, and a significant growth in non-GAAP operating margin, which rose by 200 basis points to 26%. The remaining performance obligation also saw a substantial increase of 23% year-over-year, amounting to $11.3 billion. GAAP net income for the quarter was $278.8 million, or $0.79 per diluted share, compared to $107.8 million, or $0.31 per diluted share, in the same quarter of the previous year. Non-GAAP net income for the quarter stood at $454.9 million, or $1.32 per diluted share, an increase from $359.4 million, or $1.10 per diluted share, year-over-year. The company's Chairman and CEO, Nikesh Arora, expressed satisfaction with the customer response to their platformization strategy, which aims to address the growing sophistication and volume of cyber threats with AI-infused security outcomes. CFO Dipak Golechha highlighted the company's disciplined execution and investment in innovation and go-to-market strategies, which have contributed to consistent, profitable growth. Looking ahead, Palo Alto Networks provided guidance for the fiscal fourth quarter of 2024, expecting total billings to be between $3.43 billion and $3.48 billion, and total revenue to be between $2.15 billion and $2.17 billion. The company also updated its guidance for the full fiscal year 2024, projecting total billings to be between $10.13 billion and $10.18 billion, and total revenue to be between $7.99 billion and $8.01 billion, with a non-GAAP operating margin between 26.8% and 27.0%. The company plans to discuss these results and the outlook for the remainder of the fiscal year in a video webcast for analysts and investors.