The global cyber security market is projected to grow 14% annually from $172.32 billion in 2023 to $424.97 billion in 2030. Cyber security player Palo Alto Networks (NYSE: PANW) recently reported its quarterly earnings that outpaced the market expectations and sent its stock climbing 15% in the after-hours trading session. Palo Alto Network's Financials Its fourth quarter revenues grew 26% to $2 billion, significantly ahead of the Street's estimate of $1.96 billion. This was the 12th consecutive quarter that the company reported a revenue growth of more than 20%. Net income was $482.51 million or $1.44 per share compared with a net income of $254.1 million or $0.80 per share a year ago. Analyst estimate was EPS of $1.28. By segment, Product revenues grew 24.3% to $507.4 million. Subscription and support revenues grew 27.4% to $1.446 billion. For the fiscal year, revenues grew 25% to $6.9 billion. EPS was $4.44 per share compared with a net loss of
Security player Palo Alto Networks (NYSE:PANW) recently announced its quarterly results that continued to outpace market expectations. The company has put a pause on its acquisition spree for now and is instead focused on building its AI-focused product portfolio while improving margins. Palo Alto Network's Financials Palo Alto Networks' third quarter revenues grew 24% to $1.7 billion, ahead of the Street's estimate by 0.38%. Non GAAP net income was $1.10 per share. The market was looking for net income of $0.92 per share. By segment, Product revenues grew 10.4% to $388.1 million. Subscription and support revenues grew 28.7% to $1.332 billion. Among other metrics, billings improved 26% to $2.3 billion. For the fourth quarter of fiscal 2023, Palo Alto expects revenues of $1.973-$1.967 billion and an EPS of $1.26-$1.30. The market was looking for revenues of $1.95 billion and an EPS of $1.20. For the year, Palo Alto expects revenues of $6.88-$6.91 billion and an EPS of $4