(Reuters) -Palo Alto Networks Inc raised its full-year profit forecast on Tuesday as spending on cyber-security products stays strong in the face of a turbulent economy, sending the company’s shares up about 5.5% in trading after the bell.
A rise in cyberattacks and the growing digital presence of businesses and governments have ensured strong demand for software from cybersecurity companies such as Palo Alto Networks, even as rising interest rates and high inflation weigh on technology budgets.
“We continue to see our teams execute well in the midst of macroeconomic challenges,” said Nikesh Arora, chairman and chief executive officer of Palo Alto Networks.
Excluding items, the company expects full-year net income per share in the range of $3.97 and $4.03, compared with its previous forecast of $3.37 and $3.44.
The company maintained its earlier full-year revenue forecast of $6.85 billion to $6.91 billion. Analysts on average expect revenue of $6.89 billion, according to Refinitiv data.
(Reporting by Vansh Agarwal in Bengaluru; Editing by Shinjini Ganguli)
