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Apr 30, 2023
Palo Alto Networks Q3 2023 Earnings Report
Reported a strong Q3 2023 with revenue growth and positive GAAP net income.
Key Takeaways
Palo Alto Networks announced its fiscal third quarter 2023 financial results, with total revenue growing 24% year over year to $1.7 billion. The company achieved GAAP net income of $107.8 million, marking the fourth consecutive quarter of positive GAAP net income.
Fiscal third quarter revenue grew 24% year over year to $1.7 billion.
Fiscal third quarter billings grew 26% year over year to $2.3 billion.
Remaining performance obligation grew 35% year over year to $9.2 billion.
Achieved fourth consecutive GAAP net income positive quarter.
Palo Alto Networks
Palo Alto Networks
Palo Alto Networks Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.comSubscription and Support Revenue
CapyFin.com Forward Guidance
Palo Alto Networks provided guidance for the fiscal fourth quarter 2023, expecting total revenue in the range of $1.937 billion to $1.967 billion, representing year-over-year growth of between 25% and 27%, and diluted non-GAAP net income per share in the range of $1.26 to $1.30.
Positive Outlook
- Total billings in the range of $3.15 billion to $3.20 billion, representing year-over-year growth of between 17% and 19%.
- Total revenue in the range of $1.937 billion to $1.967 billion, representing year-over-year growth of between 25% and 27%.
- Diluted non-GAAP net income per share in the range of $1.26 to $1.30, using 326 million to 332 million shares outstanding.
- Total billings in the range of $9.18 billion to $9.23 billion, representing year-over-year growth of between 23% and 24% for fiscal year 2023.
- Total revenue in the range of $6.88 billion to $6.91 billion, representing year-over-year growth of between 25% and 26% for fiscal year 2023.
Challenges Ahead
- Guidance excludes share-based compensation-related charges.
- Guidance excludes acquisition-related costs.
- Guidance excludes amortization expense of acquired intangible assets.
- Guidance excludes litigation-related charges, including legal settlements.
- Guidance excludes restructuring and other costs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income