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Palo Alto Networks Beats Q1 Views, Shares Gain

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Shares of Palo Alto Networks Inc (NYSE: PANW) surged over 3 percent in after-hours trading after the company reported better-than-expected results for its fiscal first quarter.

The Santa Clara, California-based company reported a quarterly loss of $38.7 million, or $0.45 per share, versus a year-ago loss of $30.1 million, or $0.38 per share. Excluding items, the company's adjusted earnings came in at $0.35 per share.

Its revenue climbed 54.6 percent to $297.2 million. However, analysts were projecting earnings of $0.32 per share on sales of $284.40 million.

Billings increased 61 percent to $388 million for the quarter.

"We had a very strong start to fiscal year 2016 that included achieving our highest fiscal first quarter revenue and billings year-over-year growth rates since going public," said Mark McLaughlin, president and chief executive officer of Palo Alto Networks. "We believe that our success is due to our unwavering commitment to solving our customers' most complex security challenges with the industry's most innovative technology. Security remains a strategic consideration for companies globally, and it is clear from our results that our natively integrated and automated next-generation platform is resonating very well as the long-term strategic answer for customers' security needs."

For the current quarter, Palo Alto Networks expects adjusted earnings of $0.38 to $0.39 per share, on revenue of $314 million to $318 million. Analysts projected earnings of $0.38 per share on revenue of $310.6 million.

Palo Alto shares surged 3.80 percent to $178.50 in the after-hours trading session.

Posted-In: lossEarnings News Guidance

 

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