TMTB: PANW First take; EOD Wrap

PANW -6%: Revs ok but Q4 billings guide looks a little light

Management says it is “pleased with the enthusiastic response to platformization” but reminds investors that this is a “long-term strategy”

$PANW F/Y GUIDANCE
Guides billings $10.13B to $10.18B, saw $10.10B to $10.20B, EST $10.19B
Guides ADJ EPS $5.56 to $5.58
Guides revenue $7.99B to $8.01B, saw $7.95B to $8.00B, EST $7.98B
GUIDANCE: Q4
Guides billings $3.43B to $3.48B, EST $3.47B
Guides ADJ EPS $1.40 to $1.42
Guides revenue $2.15B to $2.17B, EST $2.17B
RESULTS: Q3
ADJ EPS $1.32
Revenue $1.98B, +15% y/y, EST $1.97B
Product revenue $391.0M, +0.7% y/y, EST $390.7M
Subscription and Support revenue $1.59B, +20% y/y, EST $1.58B
Deferred revenue $5.01B, +21% y/y, EST $5.08B
R&D expenses $457.2M, +11% y/y, EST $461.7M