Palo Alto Networks surges 11.0% on upbeat financial outlook

Palo Alto Networks (PANW.US) stock jumped over 11.0% on Wednesday after the cybersecurity company posted upbeat second quarter financial results and lifted its financial outlook.

•  EPS of $1.05, easily topped market estimates of $0.78. 

• Total revenue jumped 26% YoY to $1.7 billion, beating the consensus estimate of $1.65 billion.

• Palo Alto said it expects third-quarter billings to be between $2.2 billion and $2.25 billion, above analysts’ projections of $2.22 billion.

• Cybersecurity software specialists forecast earnings in the region between 90 and 94 cents per share, excluding one-time items, while revenue is expected to be within a range of $1.7 billion to $1.73 billion.

• For the full-year, management expects to earn between $3.97 and $4.03 per share, excluding one-time items.

Palo Alto Networks (PANW.US) stock launched today's session with a massive bullish price gap above the upper limit of the local ascending channel. If current sentiment prevails, an upward move may accelerate towards resistance at $192.70, where high from August 2022 are located. On the other hand, if sellers manage to regain control, another downward impulse towards crucial support at $173.40 may be launched. Source: xStation5