Palo Alto Networks ($PANW) has reported strong earnings, beating Wall Street expectations with an EPS of $1.41 and revenue of $2.16 billion, reflecting a 10.8% year-over-year increase. The company also announced an additional $500 million for share repurchases, bringing the total authorization to $1 billion, set to expire on December 31, 2025. The earnings report highlighted Palo Alto's focus on its 'platformization' strategy, which CEO Nikesh Arora emphasized as crucial for long-term success. The company is not guiding quarterly billings anymore, focusing instead on Next-Generation Security Annual Recurring Revenue (NGS ARR) and Remaining Performance Obligation (RPO). For fiscal year 2025, Palo Alto expects NGS ARR to range between $5.42 billion and $5.47 billion, representing a 28% to 30% increase, and RPO to be between $15.2 billion and $15.3 billion, a 19% to 20% increase. The company's stock experienced a significant rise post-earnings, with several analysts raising their price targets.