Press release
Palo Alto Networks Reports Fiscal Fourth Quarter and Fiscal Year 2023 Financial Results
Fiscal fourth quarter revenue grew 26% year over year to $2.0 billion. Fiscal year 2023 revenue grew 25% year over year to $6.9 billion.Fiscal fourth quarter
About this update from Palo Alto Networks, Inc.
[{"type":"text","content":"Fiscal fourth quarter revenue grew 26% year over year to $2.0 billion. Fiscal year 2023 revenue grew 25% year over year to $6.9 billion.Fiscal fourth quarter billings grew 18% year over year to $3.2 billion. Fiscal year 2023 billings grew 23% year over year to $9.2 billion.Remaining performance obligation grew 30% year over year to $10.6 billion.SANTA CLARA, Calif., Aug. 18, 2023 /PRNewswire/ -- Palo Alto Networks (NASDAQ: PANW), the global cybersecurity leader, announced today financial results for its fiscal fourth quarter and fiscal year ended July 31, 2023.\nTotal revenue for the fiscal fourth quarter 2023 grew 26% year over year to $2.0 billion, compared with total revenue of $1.6 billion for the fiscal fourth quarter 2022. GAAP net income for the fiscal fourth quarter 2023 was $227.7 million, or $0.64 per diluted share, compared with GAAP net income of $3.3 million, or $0.01 per diluted share, for the fiscal fourth quarter 2022.\nNon-GAAP net income for the fiscal fourth quarter 2023 was $482.5 million, or $1.44 per diluted share, compared with non-GAAP net income of $254.1 million, or $0.80 per diluted share, for the fiscal fourth quarter 2022. A reconciliation between GAAP and non-GAAP information is contained in the tables below.\n\"We finished off the year with strong execution and the changing environment drove more customers towards platformization,\" said Nikesh Arora, chairman and CEO of Palo Alto Networks. \"Our strategy is resonating with a growing number of our customers, driving continued consolidation, to deliver superior security outcomes. We were delighted with the reception in the market for our AI based security automation platform, XSIAM.\" \n\"Our top-line strength showed through in our remaining performance obligation and next-generation security ARR. Our billings this quarter didn't fully capture that strength. We continue to make great progress in our financial transformation,\" said Dipak Golechha, chief financial officer of Palo Alto Networks. \"Our operating margins increased by more than 500 basis points for the year as we continued to focus on profitability.\" \nFinancial OutlookPalo Alto Networks provides guidance based on current market conditions and expectations.\nFor the fiscal first quarter 2024, we expect:\nTotal billings in the range of $2.05 billion to $2.08 billion, representing year-ov...