Palo Alto Networks reports fiscal first quarter 2023 financial results

Palo Alto Networks reports fiscal first quarter 2023 financial results

- Fiscal first quarter billings grew 27% year over year to $1.7 billion

- Remaining performance obligation grew 38% year over year to $8.3 billion

Dubai, UAE — Palo Alto Networks (NASDAQ: PANW), the global cybersecurity leader, announced today financial results for its fiscal first quarter 2023, ended October 31, 2022.

Total revenue for the fiscal first quarter 2023 grew 25% year over year to $1.6 billion, compared with total revenue of $1.2 billion for the fiscal first quarter 2022. GAAP net income for the fiscal first quarter 2023 was $20.0 million, or $0.06 per diluted share, compared with GAAP net loss of $103.6 million, or $0.35 per diluted share, for the fiscal first quarter 2022.

Non-GAAP net income for the fiscal first quarter 2023 was $266.4 million, or $0.83 per diluted share, compared with non-GAAP net income of $170.3 million, or $0.55 per diluted share, for the fiscal first quarter 2022. A reconciliation between GAAP and non-GAAP information is contained in the tables below.

"Our growth in Q1 was driven by customers continuing to increase their commitments to our security platforms as they are able to choose our best-of-breed capability and simplify their security architecture," said Nikesh Arora, chairman and CEO of Palo Alto