Palo Alto Networks Inc (NASDAQ:PANW) stock rallies 10.73% (As on August 23, 11:22:20 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 22. Non-GAAP net income for the fiscal fourth quarter 2022 was $254.1 million, compared with non-GAAP net income of $161.9 million, for the fiscal fourth quarter 2021. Fiscal fourth quarter billings grew 44% year over year to $2.7 billion. Remaining performance obligation grew 40% year over year to $8.2 billion.

PANW in the fourth quarter of FY 22 has reported the adjusted earnings per share of $2.39, beating the analysts’ estimates for the adjusted earnings per share of $2.28. The company had reported the adjusted revenue growth of 27 percent to $1.6 billion in the fourth quarter of FY 22, beating the analysts’ estimates for revenue of $1.54 billion.

Additionally, the company had announced that its board of directors has approved and declared a three-for-one stock split in the form of a stock dividend. After the close of business on September 13, each stockholder of record at the close of business on September 6 will receive two additional shares for every share held on the record date. Trading will begin on a split-adjusted basis on September 14. Furthermore, the company’s board of directors authorized an additional $915 million share repurchase program

Palo Alto Networks expects Q1 2023 EPS to be in the range of $2.03-$2.06. Palo Alto Networks expects Q1 2023 revenue to be in the range of $1.535-1.555 billion, versus the consensus of $1.54 billion. This represents year-over-year revenue growth of between 23% and 25%. For the fiscal first quarter 2023, the company expects the total billings to be in the range of $1.68 billion to $1.70 billion, representing year-over-year growth of between 22% and 23%.

Palo Alto Networks expects FY2023 EPS to be in the range of $9.40-$9.50. Palo Alto Networks sees FY2023 revenue to be in the range of $6.85-6.9 billion, versus the consensus of $6.74 billion. This represents year-over-year growth of 25%. For the fiscal year 2023, the company expects the total billings to be in the range of $8.95 billion to $9.05 billion, representing year-over-year growth of between 20% and 21% and adjusted free cash flow margin in the range of 33.5% to 34.5%.