Palo Alto Networks Q2 Results Top Estimates, Outlook Strong

(RTTNews) - Palo Alto Networks Inc (PANW), a provider of enterprise security platform, on Monday reported second-quarter net loss of $43 million compared with a loss of $39.9 million last year. On a per share basis, loss narrowed to $0.53 from $0.55, on a higher share count.

Excluding stock-based compensation expense and other one-time items, adjusted earnings for the quarter were $0.19 per share compared with $0.10 per share a year ago, the company said.

The company's revenues for the quarter were higher at $217.7 million compared with $141 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.17 per share on revenues of $204 million for the quarter. Analysts' estimates typically exclude special items.

""We delivered very strong second quarter results across all metrics, driven by continued high customer demand for our next-generation enterprise security platform...," said CEO Mark McLaughlin.

The company said it benefited from new customer additions and expansion in existing clients during the quarter, resulting in record billings and deferred revenue.

For the third quarter, the company expects adjusted earnings of $0.19 to $0.20 per share on revenues of $219 million to $223 million. Analysts expect earnings of $0.19 per share on revenues of $214.2 million.