Palo Alto Networks Up 10% After Hours; Beats Views And Settles Patent Suit

Palo Alto Networks PANW surged nearly 11 percent in after-hours trading soon after it posted a wider net loss and settled a long-running legal patent dispute with Juniper Networks Inc. JNPR.

In a conference call with analysts after the market close, Palo Alto said it expects fiscal fourth-quarter sales of $158 million to 162 million, compared with Wall Street's expectation of $158.5 million, according to a report from Reuters.

Palo Alto Networks will pay Juniper $175 million in cash and warrants in exchange for the dismissal of all patent litigation.

Earlier Wednesday, Palo Alto posted a quarterly loss of $139.1 million, or an adjusted loss of 11 cents a share excluding items, compared with a year-earlier loss of $7.28 million, or 10 cents a share. Revenue grew to $150.7 million, up 49 percent.
Wall Street's expectated a loss of of 16 cents excluding items.

In after-hours trading, Palo Alto Networks traded recently at $77 a share, up 10.78 percent.