Palo Alto Networks (PANW:US) stock rose as much as 15% on Monday following a billings forecast from the cybersecurity company that surpasses expectations, mitigating the impact of less favorable fourth-quarter results. 

The company anticipates FY billings between $10.9 billion to $11.0 billion, compared to the estimated $10.77 billion. It expects adjusted EPS to be in the range of $5.27 to $5.40 while revenue is seen falling within the bracket of $8.15 billion to $8.20 billion, as opposed to the estimated $8.38 billion.

For this quarter, the company envisions billings ranging from $2.05 billion to $2.08 billion, with an estimate of $2.07 billion. The adjusted EPS is seen between $1.15 and $1.17 on revenue of $1.82 billion - 1.85 billion, compared to the estimate of $1.92 billion.

Palo Alto Networks reported an adjusted EPS of $1.44 for its fiscal fourth quarter. The company recorded billings of $3.2 billion, marking an 18% year-on-year increase, slightly below the estimated $3.17 billion. PANW experienced a billings growth of 18%, slightly lower than the estimated growth of 18.6%.

"We finished off the year with strong execution and the changing environment drove more customers towards platformization," said Nikesh Arora, chairman and CEO of Palo Alto Networks. "Our strategy is resonating with a growing number of our customers, driving continued consolidation, to deliver superior security outcomes. We were delighted with the reception in the market for our AI based security automation platform, XSIAM." 

Congressman Ro Khanna was trading PANW shares this year. The stock is up more than 75% year-to-date through Friday’s close.