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Palo Alto Networks posts Q1 sales surge

First quarter sales were up 50 percent and Palo Alto Networks raised its sales forecast for the second quarter.

Palo Alto Networks delivered a strong first quarter and upped its outlook as the company continues to land enterprise customers.

The company reported non-GAAP first quarter earnings of $12.8 million, or 15 cents a share, on revenue of $192.3 million, up 50 percent from a year ago. Wall Street was looking for a first quarter non-GAAP profit of 12 cents a share on revenue of $181.7 million.

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On a GAAP basis, Pal Alto reported a first quarter loss of 38 cents a share.

As for the outlook, Palo Alto said it sees second quarter non-GAAP earnings of 16 cents a share to 17 cents a share on revenue of $200 million to $204 million. Wall Street was looking for earnings of 16 cents a share on a non-GAAP basis on revenue of $197.9 million.

During the quarter, Palo Alto extended a VMware partnership, launched an endpoint security product and discovered the WireLurker malware.