Tags: Palo | Alto | Security | Software

Palo Alto Networks Reports Strength in Security Software

Tuesday, 09 Sep 2014 05:27 PM

Security software maker Palo Alto Networks Inc. said Tuesday that sales are running ahead of analysts' estimates as businesses look to secure their data and networks from hackers.

Palo Alto's shares jumped on the news, which was reported after regular stock market trading closed Tuesday. At about 5:30 p.m. in New York, the shares were up 4.2 percent at $93.06, after slipping less than 1 percent to end the regular session at $89.28. 

The company, which sells firewalls that prevent data breaches and block malware and viruses, said it expects profit of about 12 cents per share and revenue of $178 million-$182 million for the fiscal first quarter that ends in October.

Analysts on average were expecting a profit of 12 cents per share on revenue of $173.9 million, according to Thomson Reuters I/B/E/S.

Demand for Palto Alto's products has shot up after high-profile data breaches at Target Corp last year and, more recently, at Home Depot Inc. The shares have risen 55 percent through Tuesday's close.

For the quarter that ended July 31, the company's net loss widened to $32.1 million, or 41 cents per share, from $15.8 million, or 22 cents per share, a year earlier.

Excluding items, Palo Alto earned 11 cents per share, in line with analysts' expectation.

Net revenue jumped 59 percent to $178.2 million, above $161.3 million that analysts estimated.

© 2017 Thomson/Reuters. All rights reserved.

 
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Security software maker Palo Alto Networks Inc. said Tuesday that sales are running ahead of analysts' estimates as businesses look to secure their data and networks from hackers.
Palo, Alto, Security, Software
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2014-27-09
Tuesday, 09 Sep 2014 05:27 PM
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