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Palo Alto Networks reports strong Q2

The company's Q2 billings grew to $674.6 million.

Palo Alto Networks released its second quarter earnings and revenue report Wednesday after the bell

The cybersecurity firm delivered non-GAAP second quarter earnings of $91.5 million, or 97 cents a share, on revenue of $542.4 million, up from $422.6 million a year ago.

Analysts were expecting the security-software vendor to report earnings of 79 cents a share on revenue of $524.98 million.

The company's Q2 billings grew to $674.6 million.

Palo Alto CEO Mark McLaughlin said the company saw "robust new customer acquisition and expansion in existing accounts" during the quarter. The company launched a bevy of products including a logging service in Europe and a cloud-based analytics applications called Magnifier.

In terms of guidance, Palo Alto expects third quarter EPS in the range of 94 cents to 96 cents and revenue in the range of $538 million to $548 million. The guidance topped Wall Street expectations for EPS of 81 cents a share and revenue of $532.6 million.

The company's stock climbed more than 5 percent in after-hours trading following the strong report.