Palo Alto Networks CEO: Every Vertical In The World Is Recognizing The Need For The Advanced Security That We Provide

Palo Alto Networks Inc (NYSE: PANW) declared better than expected second-quarter results on Monday. The company reported non-GAAP EPS of $0.19, compared to $0.10 that it reported in the same period last year.Mark McLaughlin, Palo Alto Networks CEO, was on CNBC recently to discuss the quarterly numbers.Things Move Slow In Enterprise MarketMcLaughlin was asked whether he finds that lots of institutions and banks are not upgrading their technology to make it more secure. He replied, "I think that it's an evolutionary process, right? You can have a revolutionary technology like we have, but in the enterprise market, things tend to move relatively slow and evolutionary process.""Our journey here is been about a decade and it's got decades to go, we've got about 6 or 7 percent market share. So, we have got 93 to 94 percent of the world still in front of us, but we are seeing those institutions and enterprises starting to [I'll call] upgrade to advance security faster."Growing Market ShareOn whether he has lost business to Checkpoint or Cisco, McLaughlin said, "Not that I am aware of, it's been very consistent as you can just see from our number using Checkpoint for example or even Cisco. In any given quarter we are growing 5 to 8 times every single quarter. So, I think it's pretty obvious which way the market share is going."Not Dependent on One Vertical"I think what we are seeing in our own business is that, we are well over a billion dollars in sales right now, but when we look at it on a vertical basis, no vertical represents more than 13 percent of our revenue. So we are very well diversified across geographies and verticals and what tells me is that every vertical in the world is recognizing the need for the advanced security that we provide." McLaughlin concluded.