Palo Alto Networks on Thursday published solid first-quarter financial results and raised its FY 2022 revenue guidance.
Non-GAAP net income for the first quarter was$170.3 million, or$1.64 per diluted share. First-quarter revenue grew 32% year-over-year to$1.2 billion.
Analysts were expecting earnings of$1.57 per share on revenue of$1.2 billion.
"Q1 was a strong start to the fiscal year 2022, driven by strength in both our product and Next-Generation Security businesses, giving us the confidence to raise our revenue and billings guidance for the year," chairman and CEO Nikesh Arora said in a statement. "We continue to see strong customer demand and have continued to release key innovations which give us confidence in the durable growth we presented at our September Analyst Day."
First-quarter billings grew 28% year-over-year to$1.4 billion. The remaining performance obligation (RPO) grew 37% to$6 billion.
Palo Alto NetworksThe company highlighted the performance of Primsa SASE, noting rapid adoption of the secure access service edge (SASE) service. Prisma SASE saw 100% year-over-year ARR growth. Meanwhile, more than 25% of new Prisma SASE customers are new to Palo Alto Networks over the last 12 months. The company now has 1,756 SASE customers, up 61% year-over-year.
In the area of cloud-native security, Palo Alto reported that it now has 1,676 Prisma Cloud customers up 26% year-over-year.
For Q2 2022, Palo Alto expects revenue in the range of$1.265 billion to$1.285 billion.
Analysts are expecting revenue of$1.27 billion.
For the full fiscal year 2022, the company expects total revenue in the range of$5.35 billion to$5.40 billion, representing year-over-year growth of between 26% and 27%. Last quarter, the company forecast FY2022 revenue in the range of$5.275 billion to$5.325 billion.