Palo Alto Networks · Q1 2024 earnings

Briefing

Announced fiscal first quarter 2024 financial results, demonstrating revenue growth and strong demand in the cybersecurity market.

Palo Alto Networks reported a 20% year-over-year increase in revenue, reaching $1.9 billion for the fiscal first quarter 2024. The company's GAAP net income was $194.2 million, or $0.56 per diluted share, while non-GAAP net income was $466.3 million, or $1.38 per diluted share. Remaining performance obligation grew 26% year over year to $10.4 billion.

• Fiscal first quarter revenue grew 20% year over year to $1.9 billion.
• Remaining performance obligation grew 26% year over year to $10.4 billion.
• Fiscal first quarter Non-GAAP operating margin and Non-GAAP net income per share ahead of guidance.
• FY’24 guidance raised on both Non-GAAP operating margin and Non-GAAP net income per share metrics.

Headline financials

Revenue & EPS history

Palo Alto Networks provides guidance based on current market conditions and expectations. For the fiscal second quarter 2024, we expect: Total billings in the range of $2.335 billion to $2.385 billion, representing year-over-year growth of between 15% and 18%. Total revenue in the range of $1.955 billion to $1.985 billion, representing year-over-year growth of between 18% and 20%. Diluted non-GAAP net income per share in the range of $1.29 to $1.31, using 339 million to 342 million shares outstanding.