Palo Alto Networks (NASDAQ:PANW) shares jumped more than 16% intra-day today following the company’s released fourth-quarter results.

Palo Alto Networks reported earnings of $1.44 per share on revenue of $1.95 billion, contrasting with Wall Street estimates of $1.29 per share and $1.96 billion in revenue, respectively. The beat in earnings was primarily driven by a notable 18% increase in year-over-year billings growth during Q4.

The company expects adjusted earnings in the fiscal first quarter to fall within the range of $1.15 to $1.17 per share, surpassing Street projections of $1.12. The revenue projection for the quarter was set at $2.05 billion to $2.08 billion, compared to the Street estimate of $1.93 billion.

Furthermore, the company raised its guidance for the entire year across key metrics like revenue, billings, and earnings per share. For the fiscal year 2023, Palo Alto Networks foresees adjusted earnings ranging from $5.27 to $5.40 per share, with revenue expected to be between $10.9 billion and $11 billion.

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