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Palo Alto Higher On Q1 Beat, Appoints New CFO

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Palo Alto Higher On Q1 Beat, Appoints New CFO

Palo Alto Networks Inc (NYSE: PANW) shares are up 6 percent after delivering a first quarter earnings and sales beat.

The cybersecurity firm reported first quarter adjusted EPS of 74 cents, beating estimates by 5 cents. Sales came in at $505 million, nearly $17 million higher than estimates.

"I am pleased with our start to fiscal year 2018, as we delivered record first quarter revenue of $505.5 million, growing 27 percent year-over-year, and added more than 2,500 new customers, bringing the total number of customers we now serve to more than 45,000," said Mark McLaughlin, chief executive officer at Palo Alto Networks.

"We continue to drive disruptive evolutions in a large and growing market by delivering highly automated and orchestrated security capabilities that increase prevention rates and simplify consumption models."

Q1 Highlights

  • Revenue growth of 27 percent year over year
  • Billings growth of 15 percent year over year
  • Deferred revenue up 37 percent year over year
  • Company appoints Kathy Bonanno as new CFO

Shares of Palo Alto Networks were up 6 percent after hours, at last check trading at $151.18.

Related Links:

Analyst: How Is Palo Alto Setting Up Before Q1 Earnings? 

Some Turn Bearish On Palo Alto, Fortinet And Check Point Even As Cybercrime Endures 

Posted-In: Mark McLaughlin palo alto networksNews After-Hours Center Tech Best of Benzinga

 

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