Reporting by Jaspreet Singh in Bengaluru; Editing by Shilpi Majumdar
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Palo Alto Networks CEO Nikesh Arora told CNBC's Jim Cramer on Monday that companies need integrated, modernized cybersecurity systems in order to protect themselves from "bad actors" who are getting faster at gaining access to sensitive information.
Arora said the problem isn't that companies lack cybersecurity vendors. Rather, their security infrastructure may consist of a complicated assortment of vendors, some of which are outdated.
"Listen, you need to have a two-, three-year road map to try and modernize all of that. Put that in some sort of an AI stack, so you can actually do this in more real time. Because, the bad actors are moving faster," he said. It used to take days to hack into systems, Arora added, but now it can occur within a matter of hours.
"It's important for us to make sure we're ready to deflect the stuff in hours, not in days," Arora continued. "And that requires sort of a modernization. It doesn't necessarily mean you have to spend more money. It just means you have to spend it smartly."
The Securities and Exchange Commission released new guidelines late last month that require companies to report a "material" security breach within four days from when the breach is confirmed. Notable companies like copper miner Freeport-McMoRan, cosmetics maker Estee Lauder and consumer products manufacturer Clorox were recently hit with cybersecurity breaches.
"You really don't want to be exposed, telling the SEC that you have been breached, you haven't fixed it yet," Arora said. "So, one of the things which all of us will have to make sure, is that customers can fix these things much faster."
Palo Alto Networks' stock surged nearly 15% on Monday, likely driven by a Friday after-hours earnings report that showed the company's revenue increased 26% compared with the year-earlier quarter. Revenue came in at $1.95 billion, slightly below $1.96 billion consensus estimates, according to Refinitiv. The company reported adjusted quarterly earnings per share of $1.44, beating the Refinitiv consensus of $1.28 per share.
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Signage outside Palo Alto Networks headquarters in Santa Clara, California, U.S., on Thursday, May 13, 2021.
David Paul Morris | Bloomberg | Getty Images
Shares of Club name Palo Alto Networks (PANW) have plummeted by more than 18% since the start of the month amid a broader sell-off in the cybersecurity industry. But we still expect the cyber leader to outperform peers when it reports quarterly results Friday, as it continues to benefit from platform consolidation and diverse revenue streams.
(Reuters) - Palo Alto Networks forecast annual billings above market estimates on Friday, in a sign that more businesses were turning to its integrated cybersecurity offerings to combat rising digital threats.
Shares of the company jumped more than 8% in extended trading, lifting rivals Zscaler and Fortinet by 3.5% and 1.5%, respectively.
Rising cyber crime, privacy concerns and high-profile hacks have in the past year fueled demand for cybersecurity products as businesses and governments grow their digital presence.
The biggest winners of that have been the companies that serve as a one-stop shop for cybersecurity solutions, helping clients be more efficient and Strengthen risk management.
Palo Alto projected full-year billings to be between $10.9 billion and $11.0 billion, compared with the Visible Alpha consensus estimate of $10.80 billion.
"We finished off the year with strong execution and the changing environment drove more customers towards platformization," said Chief Executive Nikesh Arora.
Global average weekly cyber attacks rose 8% increase in the second quarter of 2023, according to Check Point Research, with the average number of attacks per organization per week hitting a two-year high.
Shares of Santa Clara, California-based Palo Alto have declined around 17% since it set Friday as its earnings date earlier this month — a move some analysts termed as "head scratching".
Its fourth-quarter revenue grew about 26% to $1.95 billion, roughly in line with analysts' expectations, according to Refinitiv data.
The company's adjusted profit per share was $1.44 for the quarter ended July 31, beating the estimate of $1.28.
Palo Alto expects annual adjusted profit per share to be between $5.27 and $5.40, compared with analysts' expectations of $4.98.
Rival Check Point Software Technologies also reported a higher-than-expected quarterly profit in late-July as it benefited from higher demand for cybersecurity tools.
(Reporting by Jaspreet Singh in Bengaluru; Editing by Shilpi Majumdar)
(Reuters) - Palo Alto Networks forecast annual billings above market estimates on Friday, in a sign that more businesses were turning to its integrated cybersecurity offerings to combat rising digital threats.
Shares of the company jumped more than 8% in extended trading, lifting rivals Zscaler and Fortinet by 3.5% and 1.5%, respectively.
Rising cyber crime, privacy concerns and high-profile hacks have in the past year fueled demand for cybersecurity products as businesses and governments grow their digital presence.
The biggest winners of that have been the companies that serve as a one-stop shop for cybersecurity solutions, helping clients be more efficient and Strengthen risk management.
Palo Alto projected full-year billings to be between $10.9 billion and $11.0 billion, compared with the Visible Alpha consensus estimate of $10.80 billion.
"We finished off the year with strong execution and the changing environment drove more customers towards platformization," said Chief Executive Nikesh Arora.
Global average weekly cyber attacks rose 8% increase in the second quarter of 2023, according to Check Point Research, with the average number of attacks per organization per week hitting a two-year high.
Shares of Santa Clara, California-based Palo Alto have declined around 17% since it set Friday as its earnings date earlier this month — a move some analysts termed as "head scratching".
Its fourth-quarter revenue grew about 26% to $1.95 billion, roughly in line with analysts' expectations, according to Refinitiv data.
The company's adjusted profit per share was $1.44 for the quarter ended July 31, beating the estimate of $1.28.
Palo Alto expects annual adjusted profit per share to be between $5.27 and $5.40, compared with analysts' expectations of $4.98.
Rival Check Point Software Technologies also reported a higher-than-expected quarterly profit in late-July as it benefited from higher demand for cybersecurity tools.
(Reporting by Jaspreet Singh in Bengaluru; Editing by Shilpi Majumdar)
Aug 18 (Reuters) - Palo Alto Networks (PANW.O) forecast annual billings above market estimates on Friday, in a sign that more businesses were turning to its integrated cybersecurity offerings to combat rising digital threats.
Shares of the company jumped more than 8% in extended trading, lifting rivals Zscaler (ZS.O) and Fortinet (FTNT.O) by 3.5% and 1.5%, respectively.
Rising cyber crime, privacy concerns and high-profile hacks have in the past year fueled demand for cybersecurity products as businesses and governments grow their digital presence.
The biggest winners of that have been the companies that serve as a one-stop shop for cybersecurity solutions, helping clients be more efficient and Strengthen risk management.
Palo Alto projected full-year billings to be between $10.9 billion and $11.0 billion, compared with the Visible Alpha consensus estimate of $10.80 billion.
"We finished off the year with strong execution and the changing environment drove more customers towards platformization," said Chief Executive Nikesh Arora.
Global average weekly cyber attacks rose 8% increase in the second quarter of 2023, according to Check Point Research, with the average number of attacks per organization per week hitting a two-year high.
Shares of Santa Clara, California-based Palo Alto have declined around 17% since it set Friday as its earnings date earlier this month — a move some analysts termed as "head scratching".
Its fourth-quarter revenue grew about 26% to $1.95 billion, roughly in line with analysts' expectations, according to Refinitiv data.
The company's adjusted profit per share was $1.44 for the quarter ended July 31, beating the estimate of $1.28.
Palo Alto expects annual adjusted profit per share to be between $5.27 and $5.40, compared with analysts' expectations of $4.98.
Rival Check Point Software Technologies (CHKP.O) also reported a higher-than-expected quarterly profit in late-July as it benefited from higher demand for cybersecurity tools.
Reporting by Jaspreet Singh in Bengaluru; Editing by Shilpi Majumdar
Our Standards: The Thomson Reuters Trust Principles.
(Reuters) - Palo Alto Networks forecast annual billings above market estimates on Friday, in a sign that more businesses were turning to its integrated cybersecurity offerings to combat rising digital threats.
Shares of the company jumped more than 8% in extended trading, lifting rivals Zscaler and Fortinet by 3.5% and 1.5%, respectively.
Rising cyber crime, privacy concerns and high-profile hacks have in the past year fueled demand for cybersecurity products as businesses and governments grow their digital presence.
The biggest winners of that have been the companies that serve as a one-stop shop for cybersecurity solutions, helping clients be more efficient and Strengthen risk management.
Palo Alto projected full-year billings to be between $10.9 billion and $11.0 billion, compared with the Visible Alpha consensus estimate of $10.80 billion.
"We finished off the year with strong execution and the changing environment drove more customers towards platformization," said Chief Executive Nikesh Arora.
Global average weekly cyber attacks rose 8% increase in the second quarter of 2023, according to Check Point Research, with the average number of attacks per organization per week hitting a two-year high.
Shares of Santa Clara, California-based Palo Alto have declined around 17% since it set Friday as its earnings date earlier this month — a move some analysts termed as "head scratching".
Its fourth-quarter revenue grew about 26% to $1.95 billion, roughly in line with analysts' expectations, according to Refinitiv data.
The company's adjusted profit per share was $1.44 for the quarter ended July 31, beating the estimate of $1.28.
Palo Alto expects annual adjusted profit per share to be between $5.27 and $5.40, compared with analysts' expectations of $4.98.
Rival Check Point Software Technologies also reported a higher-than-expected quarterly profit in late-July as it benefited from higher demand for cybersecurity tools.
(Reporting by Jaspreet Singh in Bengaluru; Editing by Shilpi Majumdar)