By Connor Hart
Palo Alto Networks logged higher revenue in its fiscal second quarter, as customers sought to improve their technology infrastructure ahead of implementing new artificial-intelligence products.
The Santa Clara, Calif., company on Thursday posted a profit of $267.3 million, or 38 cents a share, for its quarter ended Jan. 31, compared with $1.75 billion, or $2.44 a share, a year earlier. Last year's figure included a $1.5 billion net tax benefit, the company said.
Adjusted per-share earnings came in at 81 cents, beating the 78 cents that analysts surveyed by FactSet expected.
Revenue rose 14%, to $2.26 billion, just ahead of the $2.24 billion that analysts were looking for, according to FactSet.
Chief Executive Nikesh Arora said the recent quarter benefited from customers spending on technology improvements, such as cloud investments and infrastructure modernizations, in preparation for new AI.
For its fiscal third quarter, Palo Alto guided for adjusted per-share earnings of 76 cents to 77 cents on revenue of $2.26 billion to $2.29 billion. Analysts surveyed by FactSet are looking for adjusted earnings of 76 cents a share on revenue of $2.27 billion.
For its fiscal 2025, the company now expects adjusted per-share earnings of $3.18 to $3.24, accounting for a 2-for-1 stock split the company enacted in December. It guided for revenue of $9.14 billion to $9.19 billion, compared with a previous outlook of $9.12 billion to $9.17 billion. Analysts modeled adjusted earnings of $3.17 a share, as well as revenue of $9.15 billion.
Shares fall 4.6%, to $192.55, in after-hours trading.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
February 13, 2025 16:38 ET (21:38 GMT)
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