Palo Alto Surpasses Earnings and Revenue Projections Thanks to Cloud Platform Expansion

 Palo Alto Networks exceeded Wall Street's earnings and revenue expectations for Q4.

 After-hours trading saw Palo Alto stock rise 1.9% to $349.90.

 During regular trading, stock increased by 2.8% to $343.36.

 Q4 earnings grew 5% to $1.51 per share, and revenue rose 12% to $2.2 billion.

 Analysts had predicted earnings of $1.41 per share and $2.16 billion in sales.

 Cloud computing revenue surged 43% to $4.22 billion, surpassing the $4.1 billion estimate.

 The company is shifting focus from billings to remaining performance obligations (RPO).

 RPO grew 20% to $12.7 billion, slightly missing the $12.8 billion forecast.

For the next quarter, Palo Alto expects adjusted earnings of $1.48 per share and revenue between $2.10 billion and $2.13 billion.

 Palo Alto announced a $500 million share buyback and continues to grow its cloud-based security platform.

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