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. The 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.
