Palo Alto Networks Beats Q2 Estimates

Palo Alto Networks Inc (NYSE: PANW) announced financial results Monday for its fiscal second quarter of 2015 ended January 31, 2015.Total revenue grew 54 percent year-over-year to a record $217.7 million, above estimates of $204.0 million and the $141.1 million reported in the fiscal second quarter 2014. Non-GAAP net income was $16.9 million, or $0.19 per diluted share, above estimates of $0.17. In the year ago-period, non-GAAP net income was $7.8 million, or $0.10 per diluted share.The company reported a GAAP net loss for the fiscal second quarter of $(43.0) million, or $(0.53) per diluted share, narrower than the net loss of $(39.9) million, or $(0.55) per diluted share, reported in the year-ago period.At the beginning of the second quarter, the company reported cash and cash equivalents of $653.81 million and $342.98 million at the end of the period.CEO Mark McLaughlin said, "We delivered very strong second quarter results across all metrics, driven by continued high customer demand for our next-generation enterprise security platform that not only detects malicious activity, but also provides integrated and automated prevention capabilities. Given the increasing rate and severity of today's highly sophisticated cyber attacks, enterprises worldwide are turning to us to help them solve their most complex security challenges."For the fiscal third quarter of 2015, Palo Alto Networks expected total revenue in the range of $219 to $223 million, a year-over-year growth of 45 percent to 48 percent and above estimates of $214.17 million.Q3 diluted non-GAAP earnings per share were expected in the range of $0.19 to $0.20 using 87 to 89 million shares. Analysts expected $0.19.Palo Alto Networks Inc traded at $145.67 in the after hours session, down 0.21 percent.