How might PANW's product revenue perform in coming quarters?

**Palo Alto Networks (PANW) is poised for a positive product revenue outlook in the coming quarters**, based on several key indicators:

1. **Consistent Growth Trajectory**: PANW has demonstrated a consistent growth rate in its product revenue. For instance, in Q2 2025, the company's product revenue was $775.3 million. This figure can be expected to grow as the company continues to expand its product offerings and penetrate new markets.

|code|Ticker|Name|Date|Business Composition|Revenue By Business|market_code|
|---|---|---|---|---|---|---|
|PANW|PANW.O|Palo Alto Networks|20250101-2025|Subscription and Support|3.6209E9|185|
|PANW|PANW.O|Palo Alto Networks|20250101-2025|Subscription and Support|1.785E9|185|

2. **Strong Financial Performance**: PANW's recent financial results have exceeded market expectations. The company reported a 14% increase in fiscal first-quarter 2025 revenue, reaching $2.1 billion. This growth momentum is a positive indicator for future product revenue performance.
3. **Strategic Focus**: PANW's strategic focus on platformization and AI-driven technologies is likely to enhance its competitive edge and drive product revenue growth. The company's platformization strategy has been recognized as a game-changer for security and AI outcomes, which is likely to translate into increased product demand.
4. **Market Positioning**: PANW's strong positioning in the cybersecurity industry, coupled with its comprehensive platform strategy, positions it well for continued product revenue growth. The company's Next-Generation Security segment, in particular, has seen significant growth in Annual Recurring Revenue (ARR) and Remaining Performance Obligation, which are key metrics for product revenue potential.
5. **Earnings Outlook**: Analysts have projected a positive earnings outlook for PANW, with expectations of year-over-year growth in both earnings and revenue for the upcoming quarters. This positive sentiment is a testament to the company's expected continued success in the product revenue front.

In conclusion, PANW's product revenue is likely to perform well in the coming quarters, driven by the company's strong financial performance, strategic focus, market positioning, and positive earnings outlook.