pany expects billings for the fiscal year to range from $10.9 billion to $11 billion, compared to the average analyst estimate of $10.8 billion. However, the company’s quarterly and annual revenue forecasts fell short of analysts’ estimates.

The Palo Alto outlook is a potential bright spot for the cybersecurity industry. Companies such as Fortinet Inc. and Check Point Software Technologies Ltd. had reported earnings pointing to a slowdown across the space, hit by a broader slump in technology spending and a shaky economy.

“The company’s strategy resonates with a growing number of our customers, which is driving continued consolidation,” Palo Alto CEO Niksh Arora said in a statement. He also noted that the Santa Clara, California-based company was “thrilled” at the reception of its AI-based security platform.

The stock was up 10% at $228.29 in late trading as of 4:30pm New York time.

In a departure from the company’s usual deadlines, the results came in after the closing bell on Friday, fueling speculation that the outlook may not be as promising. The stock has fallen about 20% since that announcement, with “pure fear” spreading among investors.

At the top of the earnings call, Arora apologized for what he said was the company’s “unique concern” about its decision to hold its earnings call late Friday afternoon, saying it was due to its desire to give enough time to one-on-one conversations with Analysts ahead of the start of the sales conference on Sunday.

Story continues

Total revenue for the fiscal fourth quarter was $1.95 billion, just short of analyst estimates of $1.96 billion.