Palo Alto Networks (PANW) reported better-than-expected earnings for the fourth quarter of fiscal 2024, as CEO Nikesh Arora highlighted the company's "strong execution" of its platformization strategy.

The cybersecurity provider reported fiscal fourth-quarter revenue of $2.18 billion, up 12% from the year-ago period and slightly above analysts' estimates. Net income was $357.7 million or $1.01 per share, gaining from the year prior and ahead of projections.

For the full year of fisca𒀰l 2024, revenue and net income were stronger than analysts expected at $8.03 billio💃n and $2.58 billion, respectively.

'Strong Execution' of Platformization Strategy

"We finished off the year with strong execution on our platformization strategy," Palo Alto Networks CEO Nikesh Arora said in a release, adding that "as we look forward to fiscal year 2025 and beyond, we are focused on scaling our Next-Generation Security business through continued innovation and execution."

The company has leaned into its platformization plan, where it consolidates its cybersecurity services on its pl🐈atform and bundles offers, in an effort to become a one-stop shop for clients.

Palo Alto Networks said it expects revenue for the first fiscal quarter of 2025 in the range of $2.1 billion and $2.13 billion, while full-year revenue for fiscal 2025 is projected to be between $9.1 billion and $9.15 billion, both roughly in line with analysts' expectations.

Shares of Palo Alto Networks were little changed in extended trading Monday following the release. The stock has grown over 16% since the start of the year through Monday's close.