Summary by Moomoo AI
Palo Alto Networks reported a net income of $350.7 million for the quarter ended October 31, 2024, an 81% increase from $194.2 million in the same period last year. Total revenue rose to $2.14 billion, marking a 13.9% YoY growth, driven by strong demand for subscription and support services, which accounted for 83.5% of total revenue. The company declared a two-for-one stock split, effective December 16, 2024.Management attributed the robust performance to increased adoption of its cybersecurity solutions and strategic investments in innovation. The company continues to focus on expanding its global presence and enhancing its product offerings, including the recent acquisition of IBM QRadar assets. Operating income improved to $286.5 million, with an operating margin of 13.4%.Looking ahead, Palo Alto Networks remains optimistic about its growth prospects, despite potential risks from geopolitical tensions and economic uncertainties. The company is committed to investing in research and development to maintain its competitive edge and expects continued growth in recurring revenues from its expanding customer base.
