RTTNews | Aug 24, 2021 07:24AM EDT

07:23 Tuesday, August 24, 2021 (RTTNews.com) - Shares of cybersecurity platform solutions provider Palo Alto Networks, Inc. (PANW) are up more than 11% in pre-market on Tuesday after reporting better-than-excepted fourth-quarter results.

Net loss for the fourth quarter was $119.3 million, or $1.23 per share, compared with net loss of $58.9 million, or $0.61 per share in the same period a year ago.

Excluding items, earnings of $1.60 per share beat the average estimate of 30 analysts polled by Thomson Reuters at $1.43 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter grew 28% year over year to $1.219 billion. The consensus estimate was for $1.17 billion.

"In particular, we saw notable strength in large customer transactions with strategic commitments across our Strata, Prisma and Cortex platforms," said Nikesh Arora, chairman and CEO of Palo Alto Networks while commenting about strong fourth quarter results.

Looking forward to the first quarter, revenue is expected in the range of $1.19 billion to $1.21 billion adjusted EPS in the range of $1.55 to $1.58. Analysts expect the company to report earnings of $1.6 per share on revenue of $1.15 billion for the quarter.

For the full-year, Palo Alto expects revenue to be in the range of $5.275 billion to $5.325 billion and adjusted EPS to be in the range of $7.15 to $7.25. The consensus estimate for revenue is at $4.98 billion and for earnings is at $7.09 per share.

PANW closed Monday's regular trading at $372.57, up 1.39%. The stock is currently at $416.90

Read the original article on RTTNews ( https://www.rttnews.com/3220685/palo-alto-rises-in-pre-market-on-upbeat-quarterly-results-outlook.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved