TMTB EOD Wrap

Good afternoon. QQQs +1.3% as market continues to grind higher on what felt like somewhat of a squeezy day as laggards/non-profitable tech rallied while TMT momentum sold off. SOX +1.9% outperformed while IWM +1.2% was in line.

After the close: PANW +3% as results look solid/inline-ish with rev growth at 12% vs street at 11% and RPO +20% (in line w street but a little light of bogeys). Billings slightly ahead of buyside (11% vs 10%). Q1 guided to 12-13% y/y range vs street at 12%. FY25 revs guided to 13-14%, in line with bogeys and street at 13.5%. Next gen ARR grew 43% in line with where the buyside was.

PANW RESULTS: Q4
- ADJ EPS $1.51, EST $1.41
- Revenue $2.19B, +12% y/y, EST $2.16B
- Product revenue $480.5M, -5.3% y/y, EST $493.6M
- Subscription and Support revenue $1.71B, +18% y/y, EST $1.67B
- Deferred revenue $5.54B, +19% y/y, EST $5.64B
- R&D expenses $494.8M, +19% y/y, EST $473M