Palo Alto Networks beats expectations across the board
Palo Alto Networks defied suggestions that the security sector is slowing down, reporting Monday financial results that beat expectations on all fronts. The advanced-firewall company reported a loss of $38.7 million, or 45 cents a share, on sales of $297.2 million; after adjustments for share-based compensation and other factors, the company claimed profit of 35 cents a share. Analysts polled by FactSet on average expected adjusted earnings of 32 cents a share on sales of $284 million. The company also reported billings - deals that will soon be on the books - of $388 million, beating analyst expectations of $361.5 million, according to FactSet. Palo Alto Networks forecast adjusted earnings of 38 cents to 39 cents a share in the current period on revenue of $314 million to $318 million, while analysts on average expect earnings of 38 cents a share on sales of $311 million. After initially stalling, Palo Alto Networks shares gained more than 2% in late trading, after adding 0.6% in the regular session.
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