Palo Alto - PANW STOCK NEWS

Palo Alto Networks' Unit 42 has been recognized as a Leader in The Forrester Wave: Cybersecurity Incident Response Services, Q2 2024. Unit 42 received the highest possible scores in nine criteria, including Innovation, Technology, Threat Intelligence, Cloud Environments, and IR Leadership and Team Structure. The team has nearly doubled its IR Retainer customers in the past year, reflecting its effectiveness in handling complex cybersecurity incidents. Palo Alto Networks leverages Unit 42's threat intelligence from thousands of engagements to continuously improve its security platforms. This recognition highlights the strength of Unit 42's global team, threat intelligence capabilities, and innovative IR offerings.

Palo Alto Networks (NASDAQ: PANW), a leader in global cybersecurity, announced that its management team will present at the Bank of America 2024 Global Technology Conference.

The event is scheduled for June 4, 2024, at 7:50 a.m. PDT. Interested parties can access more details and live audio webcasts of the presentation from the 'Investors' section of the Palo Alto Networks website.

Palo Alto Networks (NASDAQ: PANW) reported a significant growth in its fiscal third quarter 2024 financial results, with a 15% year-over-year revenue increase to $2.0 billion. GAAP net income soared to $278.8 million, or $0.79 per diluted share, up from $107.8 million, or $0.31 per diluted share in the same period last year. Non-GAAP net income rose to $454.9 million, or $1.32 per diluted share, compared to $359.4 million, or $1.10 per diluted share, in the prior year.

The company's remaining performance obligation grew by 23% to $11.3 billion, and non-GAAP operating margin improved by 200 basis points to 26%. The guidance for the fiscal fourth quarter 2024 anticipates total billings of $3.43-$3.48 billion and revenue of $2.15-$2.17 billion. For the full fiscal year 2024, total billings are expected to reach $10.13-$10.18 billion with revenue of $7.99-$8.01 billion.

CEO Nikesh Arora emphasized the positive response to the company's platformization strategy, while CFO Dipak Golechha highlighted disciplined execution and consistent, profitable growth.

Palo Alto Networks (PANW) and IBM have announced a strategic partnership to deliver AI-powered security solutions. Palo Alto Networks will acquire IBM's QRadar SaaS assets, integrating them into its Cortex XSIAM platform. IBM will provide security consulting services across Palo Alto's platforms and train over 1,000 consultants on these products. The partnership includes a joint Security Operations Center and Cyber Range to enhance client understanding of Palo Alto's security solutions. IBM will utilize Palo Alto’s AI-powered security platforms internally for its extensive workforce. This collaboration aims to address complex cybersecurity challenges through AI-driven innovations, accelerating growth and adoption of advanced security operations.

Palo Alto Networks and Accenture have joined forces to offer new solutions combining Precision AI™ technology and secure generative AI services to help organizations accelerate AI adoption securely. The partnership aims to address the challenges and opportunities presented by the rapid growth of GenAI, ensuring organizations can scale AI effectively while mitigating risks. The collaboration focuses on creating a secure AI ecosystem, offering diagnostic services, threat detection, and promoting responsible AI practices.

Palo Alto Networks unveiled Cortex XSIAM, the AI-driven security operations platform that offers enhanced flexibility and customization for organizations. By integrating custom machine learning models, leveraging cloud detection and response capabilities, and simplifying security operations with an integrated platform, Cortex XSIAM empowers organizations to transform their security outcomes and drive innovation in AI capabilities.

Palo Alto Networks introduced three new copilots, Strata™ Copilot, Prisma® Cloud Copilot, and Cortex® Copilot, powered by Precision AI, to enhance security team productivity and outcomes. These AI assistants leverage GenAI, machine learning, and deep learning for guided automation and actionable insights, revolutionizing security operations.

Palo Alto Networks has launched new security solutions infused with Precision AI to defend against advanced threats and safeguard AI adoption. The company introduced Precision AI, a proprietary system combining machine learning, deep learning, and generative AI for real-time security. The new solutions help companies prevent sophisticated web-based threats, zero-day threats, command-and-control attacks, and DNS hijacking attacks. The AI Access Security, AI-SPM, and AI Runtime Security solutions enable enterprises to safely adopt AI.

Palo Alto Networks, a global cybersecurity leader, will announce its fiscal third quarter 2024 financial results on May 20, 2024, after the U.S. markets close. A video webcast will be held to discuss the results, accessible on their website with a replay available after the event.