Palo Alto Networks (PANW - Get Report) posted fiscal second-quarter adjusted earnings of $1.51 a share, smashing analysts' estimates of $1.22, as revenue of $711.2 million beat forecasts of $682.1 million.

The company also announced that its board approved a $1 billion share repurchase program.

"Overall, Palo Alto checked off the boxes in nearly all the key categories: strong top- and bottom-line beats, margin upside, robust billings growth and free cash flow, new platform announcements, etc, wrote Jim Cramer and the Action Alerts PLUS team, which holds Palo Alto in its portfolio. "Given the size and scale of the company, the growth totals this quarter (30% revenue, 27% billings, and 33% product) were quite a feat. That's a tribute to the company's platform and the company being the best-in-class provider in a constantly evolving, high demand industry.

Related: Palo Alto Networks Is Soaring Higher - Time for a Chart Check

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