Palo Alto Networks, Inc. reported its financial results for the second quarter of fiscal year 2024 on February 20, 2024. The company announced a significant year-over-year revenue increase of 19% to $2.0 billion, up from $1.7 billion in the same quarter of the previous year. The non-GAAP operating margin also saw a substantial increase, growing 580 basis points to 29%. A notable element of the report was the GAAP net income, which reached $1.7 billion, or $4.89 per diluted share, including a $1.5 billion net tax benefit. This is a stark contrast to the GAAP net income of $0.1 billion, or $0.25 per diluted share, reported in the fiscal second quarter of 2023. Non-GAAP net income for the quarter was $0.5 billion, or $1.46 per diluted share, compared to $0.3 billion, or $1.05 per...Show More

Palo Alto Networks, Inc. reported its financial results for the second quarter of fiscal year 2024 on February 20, 2024. The company announced a significant year-over-year revenue increase of 19% to $2.0 billion, up from $1.7 billion in the same quarter of the previous year. The non-GAAP operating margin also saw a substantial increase, growing 580 basis points to 29%. A notable element of the report was the GAAP net income, which reached $1.7 billion, or $4.89 per diluted share, including a $1.5 billion net tax benefit. This is a stark contrast to the GAAP net income of $0.1 billion, or $0.25 per diluted share, reported in the fiscal second quarter of 2023. Non-GAAP net income for the quarter was $0.5 billion, or $1.46 per diluted share, compared to $0.3 billion, or $1.05 per diluted share, in the prior year. The company's remaining performance obligation grew by 22% to $10.8 billion. CEO Nikesh Arora highlighted the company's strong position due to leadership across its platforms and growing cross-platform adoption. CFO Dipak Golechha expressed confidence in maintaining non-GAAP EPS and free cash flow guidance for FY'24, while investing in strategies to accelerate long-term growth. The company provided guidance for the fiscal third quarter and updated its full-year fiscal 2024 outlook, expecting total billings to grow between 10% and 11% and total revenue to increase by 15% to 16%. The non-GAAP operating margin is projected to be between 26.5% and 27.0%, with diluted non-GAAP net income per share anticipated to be between $5.45 and $5.55.